The naira is holding broadly steady around N1,400 to the US dollar, with the Central Bank projecting the exchange rate will remain stable through 2026 at an average of roughly N1,400/$.
The currency’s relative calm has coincided with a major vote of confidence from global markets. FTSE Russell has restored Nigeria to its Frontier Market index, effective September 2026 — a decision that triggered an estimated N1.36 trillion in market-cap gains within 72 hours of the announcement.
The re-inclusion is significant because index membership can channel passive foreign inflows into Nigerian equities, improving liquidity and visibility for listed companies. Analysts say it reflects improving confidence in the country’s reformed foreign-exchange framework.
For investors who rode the world-beating rally into the second half of the year, the news is a tailwind — though some experts continue to urge caution, warning that gains driven by sentiment need to be backed by sustained macroeconomic stability.
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