Nigeria’s naira has emerged as one of Africa’s strongest-performing currencies in 2026, despite continued pressure in the global foreign exchange market linked to tensions in the Middle East.
A new report by United Capital Plc revealed that the naira appreciated by 6.7 percent against the United States dollar as of April 24, outperforming several major African currencies during the same period.
According to the report, currencies such as the Kenyan shilling, Angolan kwanza, South African rand, and Ghanaian cedi all recorded declines against the dollar, highlighting the relative stability recorded by Nigeria’s currency this year.
Analysts say the development reflects ongoing monetary reforms and increased foreign exchange interventions aimed at stabilizing the market and restoring investor confidence.
The performance comes amid growing global economic uncertainty fueled by geopolitical tensions and fluctuating oil prices, factors that continue to impact emerging economies and currency markets worldwide.
Financial experts, however, warn that sustaining the naira’s gains will depend on continued policy discipline, stronger foreign exchange inflows, and broader economic stability in the months ahead.