Dangote Group forecasts naira at N1,385/$ average for 2026
Dangote Group has projected the naira to trade at around N1,330 per dollar in the fourth quarter of 2026, with a full-year average of about N1,385 per dollar , as rising foreign reserves, returning portfolio inflows and lower fuel import requirements support the currency.
The Group in its Economic Research and Intelligence H1 2026 Economic Report attributed the naira’s appreciation to reserve accumulation, positive real interest rates that attracted foreign portfolio investors, and an improving current account position as domestic refining reduced Nigeria’s fuel import bill.
According to the report, the naira appreciated by about four per cent against the dollar in the first half of 2026, trading near N1,380/$ in the official foreign exchange window. The appreciation continued through August, when the currency traded at around N1,330/$.
Staff project the naira to hold its firmer level, averaging N1,405/$ in the second quarter, about N1,340/$ in the third and N1,330/$ in the fourth, for a full-year average close to N1,385/$,” the report stated.
It also linked the improving external position to reduced fuel imports as domestic refining expanded.
The naira’s outlook comes amid an improvement in Nigeria’s external buffers and foreign exchange market conditions.
