Nigeria’s Naira Steadies as Its Painful Reforms Start to Pay
Nigeria's naira has stabilized within a narrow band around 1,400 per dollar in 2026 after two years of volatility. The country recorded faster real GDP growth of 3.89% in the first quarter and external reserves have risen toward $50 billion. While inflation has moderated from its 2025 peaks, the 2026 budget still shows a large deficit and increased borrowing.
- ▪The naira traded between roughly 1,350 and 1,430 to the dollar throughout 2026, according to Nairametrics.
- ▪Real GDP expanded 3.89% in Q1 2026, up from 3.13% a year earlier.
- ▪External reserves have climbed toward $50 billion, supporting currency stability.
- ▪Inflation has eased but remains high, and the 2026 budget carries a sizable deficit with new borrowing.
- ▪The stability follows reforms begun in 2023, including the removal of fuel subsidies and the floating of the naira.
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Western Africa Africa Nigeria’s Naira Steadies as Its Painful Reforms Start to Pay By Samuel Ncube · June 26, 2026 · 5 min read Daily Brief The morning intel from across Latin America. Free. Subscribe By subscribing you agree to our privacy policy. We never share your email. NIGERIA · ECONOMY Key Facts —Currency calm: The naira has held in roughly the 1,350 to 1,430 range against the dollar in 2026, according to Nairametrics. —Faster growth: Real GDP grew 3.89% in the first quarter of 2026, up from 3.13% a year earlier. —Reserves rising: External reserves have climbed toward $50 billion. —Cooler prices: Inflation has eased from its 2025 peaks, though it remains high. —Reform roots: Stability follows the removal of fuel subsidies and the float of the naira begun in 2023.
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