Nigerian Naira Appreciates to N1,421 Against US Dollar as Economists Project Future Performance

The Nigerian Naira has shown a slight appreciation against major foreign currencies, with the exchange rate reaching N1,421 per US Dollar. Economist Yemi Kale, the Chief Economist of the Export-Import Bank of Afreximbank, projects the Naira to trade between N1,350 to N1,450 per US Dollar by 2026.

This projection is based on factors such as oil prices, foreign exchange inflow, inflation trends, and policy consistency. The report also offers an optimistic view, predicting a strengthening of the Naira next year due to improved macroeconomic fundamentals, higher foreign exchange liquidity, and moderate inflation.

In contrast, the Iranian Rial has experienced a significant decline, with the official foreign exchange rate showing the Nigerian Naira trading at N1 to the Iranian Rial, the highest level ever recorded.