Analysts Project Naira to Close 2025 at ₦1,400–₦1,450/$ Amid Easing Inflation

Analysts at CardinalStone Research forecast that the Nigerian naira will appreciate to between ₦1,400 and ₦1,450 per dollar by the end of 2025, driven by sustained disinflation and strengthening macroeconomic fundamentals.

According to the National Bureau of Statistics, headline inflation fell to 18.02% in September, marking the sixth straight month of decline and dropping below the 20% mark for the first time in three years. The easing trend is supported by improved supply conditions and seasonal harvests.

CardinalStone and United Capital both suggest this disinflation may prompt the Central Bank of Nigeria (CBN) to ease monetary policy at its November 24–25 MPC meeting, with a potential 100 basis point cut to bring the Monetary Policy Rate to 26%.

Despite recent depreciation in the official and parallel markets, Nigeria’s external reserves rose to $42.68 billion, buoyed by higher oil receipts and a strong trade surplus, helping to support FX market stability.