Report Predicts Naira to Dollar Exchange Rate, New Fuel Price by 2025
- A data research company based in Abuja has predicted a new exchange rate for the naira against the dollar in 2025
- The company, in its macroeconomic outlook released to the public, said it expects the naira to hit N2,000 a dollar
- Naira is currently at its lowest levels and exchanges in the official and black markets above N1,680 against the US dollar
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Veriv Africa, a data insights, research, and advisory firm, predicted that the naira could exchange at N1,930 - N2000 per dollar in a worst-case scenario in 2025.
The research firm disclosed this in its macroeconomic outlook, which was released over the weekend in Abuja.
Source: Getty Images
Veriv Africa stated that the naira is projected to trade at N1,790 per dollar in the best-case scenario.
Basil Abia, Veriv Africa’s co-founder who unveiled the report, also revealed that the aggregate inflation rate for 2025 is 31%, while the price for Premium Motor Spirit (PMS) may rise to N1100 per litre.
Abia said:
“For the best-case scenario, we are going to be able to get a 3.6% GDP real growth rate. Outside of that, we are also going to be doing N1,790 naira per dollar. And then with regards to PMS, we are going to be seeing PMS prices of over N1,200 per litre.
“We are also foreseeing that GDP growth rates will just be around 2.5% or 2.53%, to be more specific, or around 2.6% in the worst-case scenario. We are also foreseeing inflation rates at 36%, which is a slight reduction.
“Well, not a reduction, because, in all honesty, the aggregate inflation rate for the entirety of 2024 would be around 33%, so a 36% headline inflation rate next year is a significant increase, which basically means that our bills will be further tightened.
“Now, for the worst-case scenario, this is the one that a lot of people are praying doesn’t happen. We are foreseeing the dollar going for N2,000 naira per dollar.”
Naira exchange rate
The naira is sold at N1,652.25/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the parallel market, traders told Legit.ng that the naira exchanges at N1,740/$1.
Pastor Adeboye predicts naira will bounce back
Legit.ng earlier reported that Adeboye prophesied the possibility of the Nigerian currency bouncing back against the dollar with greater influence.
Adeboye revealed the prophecy at the RCCG's monthly Thanksgiving service on Sunday, with the theme 'Uncommon Miracles'.
According to the religious leader, there was a period when Nigeria's currency completely favoured the US dollar.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
