- Financial market experts at United Capital Plc have affirmed that ongoing monetary reforms implemented by the Central Bank of Nigeria (CBN) are restructuring the nation’s economic landscape, easing foreign exchange pressure, and putting the local currency on a steady appreciation path.
- Chief Economist Ayodele Akinwunmi forecasted that the naira could strengthen to N1,360 per US dollar by year-end, driven largely by expanded domestic refining capacity for petroleum products and government curbs on raw material exports.
- The market outlook coincided with United Capital Plc reporting an impressive 80 percent year-on-year surge in profit before tax to N24.78 billion for the first half of 2026, alongside a 58 percent expansion in gross earnings to N37.49 billion.
Ongoing monetary policy interventions and structural economic reforms implemented by the Central Bank of Nigeria are proving effective in steadying the foreign exchange market and laying the groundwork for sustained naira appreciation, according to financial leaders at United Capital Plc.
Eko Hot Blog reports that speaking on Wednesday during the United Capital Investor Relations Connect held in Lagos under the theme Decoding Performance: Insights into United Capital’s Growth Drivers and Outlook, Group Chief Executive Officer Peter Ashade emphasized that current fiscal and monetary adjustments are unlocking high-value investment prospects across key economic sectors.
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Ashade pointed out that global market confidence in Nigeria is rapidly recovering, noting that international observers recently recognized the Nigerian stock market as a top performer globally in dollar terms.
Elaborating on the firm’s macroeconomic projections, Ayodele Akinwunmi, Chief Economist at United Capital Group Plc, highlighted that reducing Nigeria’s dependence on imported refined petroleum products is drastically cooling foreign exchange demand.
Akinwunmi projected that the naira could finish the year at approximately N1,360 per dollar, representing a strong year-on-year strengthening.
He explained that removing the foreign exchange burden historically tied to importing fuel, which consumed 25 to 30 percent of FX allocations, directly alters market supply-demand dynamics in favor of the local currency.
Akinwunmi further commended federal directives restricting the unrefined export of raw materials, noting that in-country processing creates local employment and retains domestic value.
Addressing United Capital’s Pan-African expansion, he stated that robust research and enterprise risk management structures are enabling the firm to navigate regional growth opportunities safely.
Adding to the discussion on operational resilience, Odiri Oginni, Managing Director and CEO of United Capital Asset Management Limited, attributed the firm’s long-term market stability to product innovation, rigorous corporate governance, and strong risk management frameworks.
The optimistic market assessment followed United Capital Plc’s strong H1 2026 financial performance filing on the Nigerian Exchange Limited.
The institution recorded an 80 percent increase in profit before tax, rising to N24.78 billion from N13.79 billion in the corresponding period of 2025.
Gross earnings grew by 58 percent to N37.49 billion, while profit after tax surged 77 percent to N21.10 billion, reflecting solid execution across its operating pillars.
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