Euro/Naira Exchange Rate Flat as Nigeria's Forex Utilisation Surges
The Euro/Naira (EUR/NGN) exchange rate is trading flat against the Nigerian Naira, with a slight move lower on the day. The pair remains below its key moving averages, indicating persistent bearish signals. According to Traders Union, EUR/NGN trades at NGN1,546.89, registering a 0.40% decline.
The underlying factors driving this stability are Nigeria's foreign exchange utilisation and external reserves. In the first quarter of 2026, forex utilisation rose by 74% year-on-year to $16.2 billion, suggesting expanded access to formal FX markets. Gross external reserves also increased by 29% year-on-year to $53.29 billion, providing the central bank with greater capacity for managing currency stability.
Technical indicators reinforce the bearish outlook, with EUR/NGN remaining below its key moving averages and showing oversold conditions. The Ichimoku Kijun sits at NGN1,553 as immediate resistance, while momentum remains pressured with MACD on sell and ADX indicating a neutral trend. RSI is at 37.92, in sell territory.