The Association of Bureau de Change Operators in Nigeria, ABCON, has forecasted when the Naira will appreciate to N1,000 per US dollar.
The President of ABCON, Aminu Gwadabe, in an exclusive interview with DAILY POST on Wednesday, said Naira would appreciate to N1,000 per USD in December 2024.
According to him, the recent intervention of the Central Bank of Nigeria, CBN, by supplying forex to BDCs has started yielding results and impacting the FX market positively.
He, however, debunked claims making the round that Naira exchanged at N1,000 per USD in Abuja on Wednesday.
According to him, at the moment, Naira is exchanged at the parallel market across the country between N1,300 and N1,320 per USD, not N1,000.
He noted that the realistic exchange of the Naira against the Dollar could be N1,200 per USD.
“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 DAILY POST.
On Monday, CBN sold $10,000 to each BDC at N1,251 per US dollar, representing a significant FX intervention move.
Goldman Sachs analysts forecasted in March 2024 that the Naira will appreciate to N1,200 per US dollar in 12 months.
ABCON reveals when Naira will appreciate to N1,000 per USD