Naira Declines as Nigeria Joins JPMorgan Bond Index

On September 15, 2026, the naira declined by N2.85, closing at N1,329.15 per dollar in Nigeria's official foreign exchange market, compared to N1,326.30 the previous day, marking a 0.2% decrease. Despite this slight dip, trading activity surged in the interbank market, with turnover increasing by 174.16% to $262.12 million from $95.61 million on Monday, and the number of transactions rising from 109 to 172.

Analysts at Coronation Merchant Bank anticipate that the naira will maintain relative stability in the short term, bolstered by improvements in Nigeria’s external reserves. They also noted that the inclusion of Nigerian local-currency bonds in the FTSE Russell index could provide additional support for the naira in the medium to long term.

Last week, the naira experienced mixed movements in the foreign exchange market, with the official exchange rate weakening by 0.40% week-on-week, closing at N1,326.52 compared to N1,321.22 the previous week. The weakest daily performance was recorded on September 9, 2026, when the rate fell to N1,329.21 per dollar.