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Nigeria Fx Watch May 2026
April 2026, with historical context and forward outlook through Q4 2026 · Monthly Report
Nigeria's foreign exchange market entered May 2026 with more orderly official-market conditions than during the most volatile phases of the 2023–2025 adjustment, but the system remains sensitive to oil prices, portfolio flows, reserves dynamics, inflation expectations, and policy credibility. The CBN's NFEM data for April 7–30, 2026 show a volume-weighted average rate of approximately NGN 1,359.16/US$ across 18 listed trading days [^1^]. The latest listed observation was NGN 1,374.94/US$ on April 30 [^1^]. The rate traded in a band of NGN 1,342.30 to NGN 1,386.66 — far narrower than the double-digit monthly swings of 2024 [^1^]. External reserves stood at approximately US$48.37 billion on April 29, 2026, down roughly US$871 million from US$49.24 billion on March 31 [^2^]. The decline reflects debt service, intervention activity, and valuation effects rather than crisis conditions, but the direction warrants monitoring. Liquid reserves were approximately US$47.64 billion [^2^]. The CBN cut the MPR to 26.5% in February 2026, signaling cautious easing [^3^]. The next MPC meeting on May 19–20, 2026 will be pivotal for the FX outlook [^4^]. The World Bank describes Nigeria's external position as strengthened, citing reserves, FX-market unification, and lower volatility since 2024 [^5^]. The IMF projects 2026 GDP growth of 4.1% and inflation of 16.0% [^6^].
economy
Nigeria Macro Snapshot May 2026
May 2026 · Monthly Report
Nigeria enters May 2026 with a macroeconomic story that is simultaneously improving and fragile. The economy is growing faster than it did in 2024, inflation is far lower than the peaks of 2024–2025, and the naira has appreciated year-to-date against the US dollar. Yet the recovery is uneven, and fresh headwinds—especially from the Middle East conflict and domestic fiscal pressures—are testing the durability of reform gains. The latest official national accounts from the National Bureau of Statistics (NBS) show real GDP growth of 4.07% year-on-year in Q4 2025 and 3.87% for full-year 2025 [^1^]. The International Monetary Fund (IMF), in its April 2026 World Economic Outlook, projects Nigeria's 2026 real GDP growth at 4.1%, down from a 4.4% forecast in January, citing war-related fuel and shipping costs [^2^]. The World Bank's April 2026 Africa Economic Update similarly downgraded its 2026 outlook to 4.1% and expects inflation to moderate from an average of 23% in 2025 to 14.9% in 2026 [^3^]. Inflation has moderated substantially under the rebased Consumer Price Index (CPI), but it has not disappeared. The NBS March 2026 CPI report—the latest available as of early May—shows headline inflation at 15.38% year-on-year, up from 15.06% in February 2026 [^4^]. The month-on-month headline rate surged to 4.18%, a sharp reminder that annual disinflation can coexist with acute monthly price pressure [^4^]. Food inflation stood at 14.31% year-on-year, while core inflation reached 16.21% [^4^]. The Central Bank of Nigeria (CBN) cut the Monetary Policy Rate (MPR) by 50 basis points to 26.5% at its February 23–24, 2026 meeting, retaining the Cash Reserve Requirement (CRR) at 45.0% for deposit money banks [^5^]. The next MPC meeting is scheduled for May 19–20, 2026; as of this report's publication date, the outcome had not yet been announced. Externally, gross official reserves declined from a 13-year high of $50.45 billion in February 2026 to approximately $48.36 billion by Apr
governance
Nigeria Foia Public Accountability Readiness 2026 Baseline
2026 · Baseline
Nigeria possesses one of Africa's most progressive access-to-information statutes, yet operational readiness remains the central governance deficit of 2026. The Freedom of Information Act, 2011 (FOIA) establishes a legal right to request public records, mandates proactive disclosure by all public institutions, and requires annual compliance reporting to the Attorney-General of the Federation [^1^][^2^]. The Attorney-General's Revised Guidelines on the Implementation of the Freedom of Information Act 2011 (2013) clarify institutional duties: designation of senior FOI officials, maintenance of FOI units, provision of help lines or online assistance, review of records procedures, liaison with the Attorney-General, preparation of record maps, publication of proactive disclosures, and regular staff training [^3^]. The 2026 baseline is therefore not a question of whether Nigeria has an access-to-information law. It does. The decisive question is whether public institutions are operationally ready to comply. Public evidence shows deeply uneven readiness: some agencies maintain FOI portals and publish disclosure pages, while the majority submit late or no annual reports, delay responses beyond the statutory seven-day timeline, lack dedicated budgets, and maintain weak records-management systems [^4^][^5^]. The Open Government Partnership's April 2026 Independent Reporting Mechanism (IRM) Results Report for Nigeria 2023-2025 provides an authoritative benchmark. It reports that FOI implementation efforts trained and sensitised public officials and institutions, but also found significant barriers: late responses, weak record-keeping, reluctance to create FOI portals, a prevailing secrecy culture, low citizen awareness, limited financial provision, and insufficient sanctions for annual-report non-compliance [^6^]. The IRM cited Ministry of Justice annual FOI reports showing improvement in reporting institutions from 91 to 143 and processed requests from 65 to 102, while noti

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