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The EUR/NGN exchange rate peaked near N1,774/€1 in January 2026 before dropping back to the multi-month low of around N1,555/€1.
Recent market activity suggests this support level at N1550/€1 has been absorbed by the CBN and dollar-euro liquidity providers.
The EUR/NGN key support is stationed at N1550/€1; latest market action showed this level has been absorbed by the CBN and by dollar-euro liquidity suppliers.
The area under N1,550/€1 provides a technical clearance all the way to the N1,500/€1 resistance line.
NGN Bulls need a closing below N1,500/€1 resistance line to extend a multi-month bull phase.
A relatively tight monetary stance, with the MPR held between 26.50% and 27.50%, and rising yields on treasury bills at 16%, should attract foreign portfolio investors. Additionally, Nigeria’s reserves, exceeding $51 billion by mid-2026, are expected to provide ample liquidity to clear FX backlogs and protect against speculative attacks.
Although Nigeria’s headline inflation remains elevated at 15-16%, significantly above the Eurozone’s ~2%, this persistent gap continues to exert a long-term downward pressure on the naira.
SB E-news.
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