Jonathan Nwokpor
When will the Naira appreciate to N1,000 per US dollar, according to the Association of Bureau de Change Operators in Nigeria, ABCON?
According to Aminu Gwadabe, President of ABCON, the Naira would appreciate to N1,000 per USD in December 2024 in an exclusive interview with ZINGTIE on Wednesday.
According to him, the Central Bank of Nigeria’s (CBN) recent intervention in the forex market by providing forex to BDCs has begun to produce results that positively affect the market.
However, he refuted claims that the Naira was traded for N1000 against $1 to the US dollar on Wednesday in Abuja.
According to him, the Naira’s current value on the nation’s parallel exchange market is between N1,300 and N1,320 per USD, not N1,000.
He noted that a reasonable naira-to-dollar exchange rate may be N1,200.
“The impact of the Central Bank of Nigeria’s recent intervention in BDC is being felt in the foreign exchange market. The supply of Dollars to BDCs is yielding results.
“Meanwhile, the claim that the Naira is being exchanged at N1,000 per USD is fake news. Across the country, in Onitsha, Abuja, and Lagos, the FX rate at the black market is between N1,300 and N13,20 per USD.
“In my opinion, the realistic rate is N1,200 per USD. Meanwhile, if all momentum, that is, the continued rise in foreign reserves, increased investors’ confidence, and more revenue from crude oil and non-oil exports and others are maintained, by December, the Naira will be at N1000 per USD,” he told ZINGTIE.
On Monday, CBN sold $10,000 to each BDC at N1,251 per US dollar in a significant FX intervention action.
The Naira is expected to appreciate to N1,200 per US dollar in a year, according to a March 2024 prediction by Goldman Sachs experts.
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