Currency stability: How the crude oil boom is affecting Nigeria’s volatile naira

For years, the naira was seen as the epitome of volatility. But the currency is currently experiencing a period of unusual stability: Since March, it has traded in a range of ₦1,365 to ₦1,550 per US dollar. This has raised hopes in Nigeria that decades of oil price-driven currency volatility may be coming to an end.

Last updated: 24. April 2026