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Tinubu’s Govt Gives Fresh Prediction Of Naira To Dollar Exchange.
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Onanuga suggests the possibility of Naira trading below N1000 to a dollar in the near future.
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Central Bank of Nigeria sells $15.8 million at N1,101 per US dollar to meet foreign exchange demand.
EKO HOT BLOG reports that Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, has made a new prediction regarding the exchange rate of the naira to the dollar in the upcoming weeks.
Onanuga expressed confidence in the naira’s strengthening position against the dollar, suggesting that it’s plausible for the Nigerian currency to trade below N1000 to a dollar in the near future.
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He said that if that happens it will be “a great rally compared to where it (dollar to naira exchange rate) was weeks ago.”
Onanuga’s statement is coming amidst 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.
The CBN, in a notice said 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.
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Speaking on the development via X, Onanuga wrote, “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.”
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