Analysts said that with the continued inflow of US dollars brought about by rising oil prices and increased remittance inflows, the Nigerian naira is moving towards its best annual performance in nearly ten years, which helps it withstand the political risks that usually accompany the election season. According to the average forecast of the four analysts, the naira exchange rate is expected to rise from the current 1 dollar to 1,328.92 naira to around 1,290 naira per dollar. This will expand the naira's rise of about 8% since this year to close to 12%, making it the strongest annual increase since at least 2018. “We see that foreign exchange continues to flow healthily into the economic system, and foreign exchange reserves are quite abundant,” Olaolu Boboye, an analyst at CardinalStone in Lagos, said in a telephone interview. “People are worried about the election, but even so, given these inflows of money, we don't think there's anything to worry about.”

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.