- The naira is forecast to end 2026 at 1,290 per dollar versus 1,328.92, extending its 8% gain so far this year to almost 12%.
- Higher oil prices and remittances are boosting Nigeria’s dollar inflows and insulating the currency from election-season political risk.
- Oil markets remain volatile as US-Iran tensions raise supply concerns and Washington plans to replenish the Strategic Petroleum Reserve with Venezuelan crude.
Quotes
“Nigeria’s currency is headed for its best performance in almost a decade, as rising dollar inflows from higher oil prices and remittances help insulate the naira from political risks usually associated with its election season, according to analysts.”
“The recent escalation in U.S.-Iran tensions has injected fresh uncertainty into global energy markets.”