World Bank Reports Naira's Resilience Amid Economic Pressures

According to the World Bank's October 2026 Africa Economic Update, the naira was recognized as one of the more resilient currencies in Africa during the second quarter of 2026. The naira experienced a maximum depreciation of 2.6% between March and June 2026, significantly lower than the declines seen in other African currencies.

For instance, Ghana's cedi suffered the most, depreciating by 10%. Other currencies, including those of South Africa, Lesotho, Namibia, and Eswatini, fell by up to 7.2%, while the Democratic Republic of Congo and Uganda recorded declines of 6% and 5%, respectively.

The World Bank's review covered exchange-rate movements across 22 African countries outside the CFA franc zone, comparing them to levels before the escalation of the Middle East conflict. By August 2026, the naira had strengthened by 1.9% from its lows in the March-to-June period, contrasting with Ghana's cedi, which remained 2.5% below its end-February level, and Uganda's currency, down 3.1%.

South Sudan's currency recorded a decline of 5.5%.