Naira to dollar: Presidency releases fresh prediction on exchange rate

As Nigeria’s currency struggles against the US dollar, the Bola Tinubu administration has released a fresh predictionLegit.ng reports that the government projected that the dollar will soon exchange at below N1,000According to the presidency, Nigeria’s economy and other critical sectors will bloat into shape in a few monthsLegit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering economic matters.

FCT, Abuja – Bayo Onanuga has said going by the way the naira is gaining ground over the dollar, it “will be safe to predict” that the Nigerian currency “will sooner than later be trading below N1000 to a dollar”.

Onanuga, the special adviser on information and strategy to President Bola Tinubu, said if that happens, it will be “a great rally compared to where it (dollar to naira exchange rate) was weeks ago”.

Presidency predicts a new naira to dollar exchange rate. Photo credits: Picture Alliance, Bloomberg
Source: Getty ImagesThe presidency’s latest remarks on the Nigerian currency come against the backdrop of the Central Bank of Nigeria (CBN) selling $15.8 million at N1,101 per US dollar to bureau de change (BDCs) operators to meet demand for individual foreign exchange needs.

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The CBN said in a notice seen by Legit.ng that it had sold $10,000 each to 1,588 bureau de change operators to meet eligible retail market demand and told operators to sell in turn to end users at a spread of not more than 1.5% above the purchase price.

Reacting to the development, Onanuga wrote on his verified X (formerly Twitter) page on Monday, April 8:

“The way the Naira is gaining ground over the US Dollar, it will be safe to predict that the Naira will sooner than later be trading below N1000 to a dollar, a great rally compared to where it was weeks ago.”Tinubu’s govt warns against hoarding of dollarsSimilarly, Dada Olusegun, the special assistant to President Tinubu on social media, advised Nigerians not to hoard their dollar.

Sharing the CBN’s update on his verified social media page, Olusegun tweeted:

“Don’t hold on your Dollar o.”What to read about the naira and dollar:”We expect”: UK firm sets new exchange rate for naira against dollar“It is possible”: FG speaks on naira to dollar exchange rate, sets new target for 2024Omokri predicts when naira will rise more against dollar”Dollar’ll sell for N1,200″ – Ayodele speaks outEarlier, Legit.ng reported that Primate Babatunde Elijah Ayodele, the founder and spiritual head of the INRI evangelical spiritual church, Lagos state, said the dollar to naira exchange rate will fluctuate between N800 and N1,200.

According to him, the CFA franc will be stronger than the naira under the current realities.

The cleric said he had not seen anything better, “for the future looks gloomy”.

Source: Legit.ng