Expert Predicts New Exchange Rate As Naira Appreciates Against US Dollar

The Naira has shown signs of improvement against the US Dollar, with experts predicting a new exchange rate. Data from the Central Bank of Nigeria revealed that the Naira closed at N4 to the Dollar on Friday, marking an appreciation compared to the previous day.

The Pound Sterling also depreciated in the official market, while the Euro improved. BDC trader Abudullahi noted that the pressure on the Dollar has eased in the market.

Analysts, including Cordros Capital Limited and CEO Bismark Rewane, foresee stability in the Naira, driven by factors such as corporate debt inflow, remittances, and Eurobond issuance. Comercio Partners projected a further appreciation of the Naira to N per Dollar by 2025.

The positive outlook is supported by sustained government reforms, a weaker Dollar, and robust oil earnings.