Naira Is The Second Performing Currency In African - Business - Nairaland
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| Naira Is The Second Performing Currency In African by Bimow(op): 11:49pm On May 20 |
The naira was ranked the 2nd best-performing African currency against the dollar year-to-date. *What the reports say:* - *Zambian kwacha* was #1, appreciating 17.7% YtD as of late Feb 2026. - *Nigerian naira* was #2, up 6.95% to about N1,353/$ in the same period. - FXTM’s head of market research, Lukman Otunuga, confirmed it too: “The Naira is the second best performing African currency against the dollar year-to-date, only surpassed by the Zambian Kwacha”. 2a9c20ff *Why it happened:* 1. *CBN intervention* – the Central Bank defended the naira with dollar sales to BDCs and tighter FX rules. 2. *Higher forex inflows* – improved oil and non-oil exports, plus foreign investor interest in Nigerian debt. 3. *Policy reforms* – better FX liquidity and reduced volatility helped. 20ff2a9cb9f630c1 *Note*: Rankings shift through the year. A United Capital report as of April 24, 2026 called the naira the _best_-performing at +6.7% YtD, ahead of rand, cedi, shilling etc. So it’s been trading between 1st and 2nd place depending on the time frame and data source. 1 Like |
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