Naira May Strengthen Towards ₦1,250/$ as Dollar Inflows Rise

The naira could trade below ₦1,300 per dollar over the next six months as foreign-exchange inflows improve and confidence in the market strengthens. Analysts project a possible range of ₦1,250 to ₦1,350 per dollar. Improved crude-oil earnings, diaspora remittances, foreign investment and Central Bank of Nigeria interventions are expected to increase dollar supply. The CBN reported gross external reserves of $55 billion and net foreign-exchange reserves of $46 billion, strengthening its ability to meet demand and manage market shocks. The outlook still faces risks from weaker global oil prices, higher import demand and a renewed rise in inflation. In the short term, the naira is projected to trade between ₦1,320 and ₦1,380 per dollar, with pressure likely to increase if demand pushes the rate beyond ₦1,350.

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