Nigerian naira (NGN) market outlook and exchange rates

NGN Market Update

12 Aug 2026 • 00:42 GMT

NGN/USD 0.000734

The Nigerian naira remains relatively stable against the US dollar, trading at around 0.000734, only slightly above its three-month average of 0.00073. The NGN/USD exchange rate has stayed within a tight 1.7% range from 0.000724 to 0.000736, reflecting cautious market confidence. Recent efforts by Nigeria’s Central Bank, including the injection of $7.5 billion into the foreign exchange market and the resumption of official forex sales to bureau de change operators, are supporting the naira’s stability. Economists expect the currency to trade between N1,400 and N1,500 per dollar this year, aided by rising oil revenues, increased external reserves, and improved policy coordination. While the currency remains stable now, attention remains on global energy prices and US dollar strength, which could influence further movement. Overall, the outlook for the NGN remains cautiously optimistic, bolstered by ongoing reforms and steady external inflows.