Nigerian Naira Strengthens Against US Dollar in Forex Market, Analysts Predict Stability

The Nigerian Naira appreciated by 93 kobo against the US Dollar in the Forex market, closing at N419.35 on Tuesday. However, it depreciated against the British Pound and Euro.

Analysts, including Yemi Kale from Afreximbank, expect the Naira to remain stable due to stronger foreign currency inflows driven by higher oil revenues and improved market liquidity. The US Dollar faces pressure amid global tensions.

Kale projects the Naira to trade between N1,350 to N1,450 per US Dollar by 2026.