October 30, 2025/CSL Report

Several clients have recently sought our views on the short- to medium-term outlook for the Naira. While some fundamental models suggest the potential for short-term weakness, we consider this outcome unlikely. In our view, the key factors that have supported the currency’s appreciation in recent months particularly renewed foreign investor interest, an improving domestic macroeconomic environment, and continued interventions by the Central Bank of Nigeria (CBN) are expected to persist.

Consequently, we anticipate that the Naira will remain relatively stable around current levels for the rest of the year. Nonetheless, we continue to monitor several risk factors that could trigger temporary bouts of weakness.

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​CSL Macro Report – Exchange Rate.pdf