Tinubu Administration Releases Updated Predictions For Naira Against Dollar
In a bold forecast, Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has indicated a promising trajectory for the naira against the dollar in the near future. Onanuga confidently predicts that the Nigerian currency is poised to make significant gains, potentially reaching below N1000 to a dollar in the coming weeks.
Highlighting the recent surge in the naira’s value against the dollar, Onanuga remarked that such a development would mark a remarkable rally compared to its position just weeks ago. This optimistic outlook comes amidst notable interventions by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market.
The CBN’s recent sale of $15.8 million at N1,101 per US dollar to bureau de change (BDC) operators reflects ongoing efforts to address the demand for individual foreign exchange needs. This strategic move aims to enhance liquidity in the market and facilitate smoother transactions for end users.
Onanuga emphasized the positive momentum of the naira against the US dollar, hinting at a potential milestone that could signal a significant shift in exchange rate dynamics. With such developments underway, stakeholders are closely monitoring the evolving landscape of Nigeria’s currency market.
As the nation anticipates further progress, Onanuga’s foresight underscores the potential for a stronger naira and its implications for economic stability and growth. Stay tuned as Nigeria navigates this exciting phase of currency appreciation.
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