Bloomberg: Nigeria’s currency is headed for its best performance in almost a decade

Nigeria’s naira is on track for its best annual performance since 2018, according to a Bloomberg report, as rising dollar inflows from higher oil prices and remittances shield the currency from political risks tied to the election season.

The naira is projected to close 2026 at 1,290 per dollar, up from 1,328.92, based on the average forecast of four analysts surveyed by Bloomberg. That would extend its year-to-date gain of 8% to nearly 12%, its strongest annual advance in almost a decade. Analysts say improved oil earnings and steady remittance flows continue strengthening investor confidence in Nigeria’s currency outlook.