Naira Expected to Reach N1,290 per Dollar by 2026

Experts from four investment firms predict that the Naira will reach around N1,290 per dollar by December 2026, marking its best annual performance in eight years. Currently, the Naira trades at N1,328.92 in the official foreign exchange market.

If the forecast holds, the Naira would gain approximately 12% over the year, surpassing the 8% gain recorded since January. The firms' estimates range from N1,200 to N1,350 per dollar, with CardinalStone estimating N1,310, Zedcrest Capital at N1,300, Cordros Securities projecting between N1,250 and N1,350, and MDU Capital forecasting N1,200 to N1,300.

Analysts attribute the Naira's resilience to increased foreign exchange liquidity, rising oil revenues, and growing remittance inflows. As of September 2, Nigeria's external reserves reached $53.99 billion, the highest in 18 years.

On September 3, the Naira closed at N1,315.67, gaining 0.84% from the previous day.