The naira was among Africa’s most resilient currencies in the second quarter of 2026 recording a maximum depreciation of 2.6 percent despite widespread pressure on African exchange rates the World Bank said.
The lender in its October 2026 Africa Economic Update said most of the 22 currencies it watched outside the CFA franc zone were under pressure from higher energy prices geopolitical tensions capital outflows and stronger demand for the US dollar.
The News Chronicle reports that the naira recovered 1.9 percent from its March to June low by August placing it among the currencies that regained ground after the period of heightened volatility.
Seven currencies recorded maximum declines above 5 percent with Ghana’s cedi falling as much as 10 percent. South Africa Lesotho Namibia and Eswatini recorded declines of up to 7.2 percent while the Democratic Republic of Congo and Uganda fell by 6 percent and 5 percent respectively.
Nigeria’s position as a major crude oil exporter helped cushion the local currency as higher oil prices supported export earnings and inflows of foreign exchange.
The naira which weakened to N1,425/$ in March, later strengthened to N1,329/$ by September 1 closed at N1,332.75/$ on October 7.
The World Bank also raised Nigeria’s 2026 growth forecast to 4.3 percent up from 4.0 percent previously.
