Nairagains at official FX market amid macroeconomic optimism
The naira strengthened to N1,359 per dollar at Nigeria's official foreign exchange market on Wednesday, extending a gradual recovery trend. This follows improved macroeconomic sentiment driven by sustained foreign reserves ($46.59 billion), policy tightening, and renewed investor confidence after S&P reaffirmed Nigeria's B- credit rating. The currency's performance reflects narrowing rate differentials and better dollar liquidity. Analysts project the naira could trade between N1,350 and N1,450 per dollar for 2026, supported by stronger capital inflows and monetary discipline. The narrowing spread between official and parallel market rates (N94 vs N96) signals short-term stability.