“Safe to Predict”: Tinubu’s Govt Shares Fresh Dollar to Naira Exchange Rate Projection

“Safe to Predict”: Tinubu’s Govt Shares Fresh Dollar to Naira Exchange Rate Projection

  • As Nigeria's currency struggles against the US dollar, the Bola Tinubu administration has released a fresh prediction
  • Legit.ng reports that the government projected that the dollar will soon exchange at below N1,000
  • According to the presidency, Nigeria's economy and other critical sectors will bloat into shape in a few months

Legit.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".

Read also

“N1,117/$”: Currency dealers suffer massive losses as CBN pegs the dollar at new rates

Presidency predicts dollar to change at N1000
Presidency predicts a new naira to dollar exchange rate. Photo credits: Picture Alliance, Bloomberg
Source: Getty Images

The 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."

Read also

“Naira to trade below N1,000/$”: Nigerians react as BDCs begin quoting dollar at new rate

Tinubu's govt warns against hoarding of dollars

Similarly, 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."

Dollar rate: 'FG's projection very possible' - Expert

Reacting to the presidency's prediction, Oluwatosin Ogunjuyigbe, a business expert, agreed that the naira might soon trade below the N1000/$ mark in the parallel market.

Ogunjuyigbe noted the coordinated effort by the fiscal and monetary authorities towards achieving an export-led industrial economy as the lasting solution to the naira problem.

He told Legit.ng:

"It's safe to predict; it's a financial market, and prices can go up and they can go down. Plus predictions don't necessarily have to come to pass."

He added:

"It is very possible that the dollar goes under N1,000 because somebody is now actively trying to bring down the price of the dollar against the naira. So that makes it very possible. And we've seen that the action the economic team has taken has brought it down all the way from N1,900 to around N1,100. So, it's very possible."

Read also

Naira performs better in black market than official window as It gets new ranking in Africa

What to read about the naira and dollar:

"Dollar'll sell for N1,200" - Ayodele speaks out

Earlier, 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

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