Naira Rallies Against Major Currencies Amid Strong Analyst Projections
The Nigerian naira has shown significant gains against major currencies in the official foreign exchange market. On Wednesday, September 2, 2026, the naira appreciated by N2.74, or 0.21%, against the dollar to close at N1,326.69 per dollar. This move continues a positive run that analysts say could mark the currency's best annual performance since 2018.
According to Bloomberg-cited analysts, the naira is on course to record its strongest annual performance in almost a decade. The currency has already gained roughly 8% this year and is forecast to strengthen further to N1,290 per dollar by the end of 2026.
The key drivers behind the currency's recovery include higher oil revenues, growing remittance inflows, and increased foreign investor interest. These factors have also helped lift Nigeria's external reserves to $53.9 billion, their highest point in 18 years.