NGN Market Update
02 Jun 2026 • 00:47 GMT
The Nigerian Naira (NGN) recently reached its 7-day high against the US dollar near 0.000730, close to its 3-month average. Over the past week, NGN has traded within a stable range from 0.000715 to 0.000745, reflecting cautious optimism amid ongoing economic reforms.
Significant support comes from the Central Bank of Nigeria’s recent interventions, where they injected $7.5 billion into the FX market, helping the naira strengthen against the dollar. Experts foresee the NGN stabilizing between N1,400 and N1,500 per USD in 2026, boosted by rising reserves, oil sector reforms, and improved policy coordination. Additionally, the return of licensed Bureau de Change operators aims to ease retail access, providing further stability.
While geopolitical factors and global energy concerns could impact USD movements, Nigeria’s economic outlook remains positive. The naira’s recent movements suggest traders are cautiously optimistic about Nigeria’s efforts to stabilize its currency amid resilient capital inflows and improved economic policies. Overall, the NGN is trading at relatively stable levels, with a supportive outlook into the coming months.