Expert Predicts Naira to Dollar Exchange Rate For Next Months

• Bismarck Rewane has disclosed his expectations for the performance of the naira in the remainder of 2024
• The renowned Nigerian economist has offered a cautious approach to naira's performance against the US dollar
• He also spoke on inflationary trends and general economic activities for the second half of 2023

Bismarck Rewane, the chief executive officer of Financial Derivatives Company (FDC), has predicted that the naira will stabilise around N1,450 per US dollar in the coming months.

He revealed this in a publication titled "The Nigerian Economy 2024: One Year After, Are You Better Off Today?," which evaluated President Bola Tinubu's administration's first 12 months.

BusinessDay reports that in the outlook report, he noted that the naira exchange rate against the dollar will be around N1,350 – 1,450/$.

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Rewane's latest rate prediction departs from his earlier comments on where he sees the naira.

In March 2024, the leading economist posited that, with the naira performing strongly, he believes the exchange rate could appreciate to below N1,200 per dollar.

However, since then, Nigerian currency has lost momentum and has struggled against the US dollar despite various policies and interventions by the Central Bank of Nigeria (CBN).

Legit.ng reported that the naira on Tuesday, June 5, was exchanged against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).official market at N1,476.12 /$1.

Meanwhile, the naira exchange rate hovers around N1,480 a dollar at the black exchange market and N1,500.

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The FDC boss also revealed in the publication that Nigeria may regain its position as Africa's largest economy by 2028.

Rewane said:

“Policy changes, institutional reforms, and new borrowings will lead to positive and faster growth in the 2025/26 period,"

FG addresses naira to dollar exchange rate

Legit.ng earlier reported that Ben Akabueze, the director-general of the budget office, said the naira's value would strengthen in the foreign exchange market in 2024.

Akabueze said this would be possible as the country expects an increase in dollar supply.

He noted that the Tinubu-led government expects the reforms to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate

Source: Legit.ng