Naira Soars as Oil Prices Boost Nigeria's Currency

Nigeria's currency is experiencing its best performance in almost a decade due to rising dollar inflows from higher oil prices and remittances.

The naira, Nigeria's official currency, is expected to end the year at 1,290 per dollar, according to analysts surveyed by Bloomberg. This would mark an 8% gain so far this year, extending it almost 12%, its strongest annual advance since at least 2018.

Rising oil prices and remittances are helping to insulate the naira from political risks usually associated with election season in Nigeria.