Global investment bank JP Morgan has projected the Nigerian naira will appreciate to ₦1,450 against the US dollar by December 2025, citing the country’s market-friendly reforms as key drivers of economic recovery.
In a report, the bank praised Nigeria’s removal of fuel subsidies, exchange rate unification, and improved FX reserve transparency as “critical steps” boosting investor confidence.
It noted Nigeria’s net FX reserves rose to 23.3 billion in 2024 (from 23.3billion in 2024 (from 4 billion in 2023), with gross reserves at $40.9 billion.
“Nigeria remains our top frontier market pick,” JP Morgan stated, highlighting the country’s insulation from U.S. economic slowdowns and high-yield debt instruments. The bank recently reinvested in Nigerian Treasury bills, maintaining its bullish outlook.
The Central Bank of Nigeria’s (CBN) first-ever disclosure of net reserves – alongside management reforms at NNPC Limited – were identified as pivotal developments.
Upcoming NNPC-backed FX financing deals worth $9.5 billion could further stabilise the currency, the report added.
