Naira Strengthens as Nigeria Joins J.P. Morgan Index

On September 14, 2026, the naira appreciated by 22 kobo, or 0.02%, closing at N1,326.30/$1 in the Nigerian Foreign Exchange Market (NAFEM). The currency also strengthened against the British pound and euro.

However, at the GTBank foreign exchange counter, the naira weakened by N5 to N1,335/$1. Foreign exchange turnover at NAFEM fell by 35.8% to $95.611 million.

Analysts predict the naira will continue to appreciate, potentially reaching N1,300/$1 due to stronger external reserves and improved liquidity. This positive outlook follows Nigeria's inclusion in J.P.

Morgan's newly introduced Government Bond Index-Emerging Markets Edge (GBI-EM Edge), with selected Federal Government of Nigeria bonds assigned a 7.4% weighting. The Ministry of Finance stated that this inclusion is expected to attract additional foreign portfolio inflows as funds adjust their portfolios.

The Central Bank of Nigeria's July 2026 Expectations Survey indicated that businesses expect the naira to strengthen through January 2027.