The Nigerian naira is on track for its strongest annual performance since 2018, supported by increased dollar liquidity, robust remittance inflows, and higher oil prices. Analysts project the currency to trade between 1,200 and 1,350 per dollar by year-end, following an 8% gain year-to-date. Official foreign exchange turnover recently surged, while Nigeria’s external reserves have reached an 18-year high of $53.99 billion. Formal remittances hit a record $947 million in July, nearing the Central Bank of Nigeria’s $1 billion monthly target. Despite this growth, a widening premium persists between the official rate and the parallel market, currently estimated at over 6%.