World Bank raises Nigeria's 2026 growth to 4.3%, S&P upgrades rating; naira at N1,331.50/$
The naira closed at N1,331.50 per dollar on October 6, 2026, strengthening by N1.40 from the previous day's close of N1,332.90 after trading between N1,330 and N1,333 during the session. This comes as the World Bank raised Nigeria's 2026 economic growth forecast to 4.3% (from 4.0% in 2025) and projected 4.4% annually for 2027 and 2028, citing reforms. Nigeria's real GDP grew by 4.43% year-on-year in Q2 2026, according to the National Bureau of Statistics. S&P Global Ratings also upgraded Nigeria's long-term foreign and local currency credit ratings to 'B' from 'B-', noting improvements from reforms and forex developments.
While the naira has remained broadly around the N1,330 level into October, foreign exchange market turnover has been volatile, ranging from $196.68 million on September 28 to $732.45 million on September 23, with October 5 recording $619.22 million from 287 deals. The CBN had not reported October 6 turnover at the time of this report.
The slight naira strengthening and upgraded growth outlook signal improving economic confidence, but the persistent exchange rate weakness (over N1,300/$) continues to raise import costs. Will you adjust your budget for imported goods or explore local alternatives given the naira's current level?