Tinubu’s Government Forecasts Naira To Dollar Exchange Rate ImprovementForecasts Naira To Dollar Exchange Rate Improvement

Tinubu’s Government Forecasts Naira To Dollar Exchange Rate Improvement

Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, has offered a fresh prediction regarding the exchange rate of the naira to the dollar in the upcoming weeks. According to Onanuga, the recent trend indicates that the Nigerian currency is gaining strength against the dollar, suggesting that it may soon trade below N1000 to a dollar……..READ ALSO Tinubu’s Arrival In Lagos For Eid-El-Fitr Celebration (Video)

Onanuga expressed optimism about this potential development, highlighting the significant improvement from previous exchange rates. He emphasized that if this prediction materializes, it would mark a notable rally for the naira compared to its position in recent weeks.

The statement from Onanuga coincides with recent actions by the Central Bank of Nigeria (CBN), which sold $15.8 million at N1,101 per US dollar to bureau de change (BDCs) operators to meet the demand for individual foreign exchange needs. The CBN’s notice specified that $10,000 each was allocated to 1,588 bureau de change operators to address eligible retail market demand, with instructions for operators to sell to end-users at a spread not exceeding 1.5% above the purchase price.

Commenting on these developments on X, Onanuga expressed confidence in the naira’s trajectory against the dollar, projecting a potential shift below N1000 per dollar in the near future.