World Bank Reports Naira's Resilience Amid Economic Pressures

According to the World Bank's October 2026 Africa Economic Update, the naira emerged as one of Africa's most resilient currencies in the second quarter of 2026, experiencing a maximum depreciation of only 2.6%. This performance occurred amid significant exchange rate pressures across the continent, attributed to factors such as higher energy prices, geopolitical uncertainty, capital outflows, and increased demand for the US dollar.

The report highlighted that most monitored currencies depreciated during this period, with seven out of 22 currencies experiencing maximum depreciations exceeding 5%. The naira's depreciation peaked at N1,425/$ on March 9, 2026, but it recovered by 1.9% by August, closing at N1,390.50/$ on March 10 and N1,387/$ on March 31.

By August, the naira had strengthened further, closing at N92.25 stronger than its March 9 position, reflecting a 6.5% appreciation. The World Bank also projected Nigeria's economic growth for 2026 at 4.3%, up from 4.0% in 2025.