MPC Member Projects Naira to Reach N1,400/$1 by Year-end

Professor Murtala Sagagi, a member of the Central Bank of Nigeria's Monetary Policy Committee, projected the Naira to appreciate to N1,400/$1 by the end of the year. Sagagi attributed this potential strengthening to factors like increased crude oil production, capital inflows, and improved balance of payments.

He highlighted the challenges of limited economic diversification and overreliance on government debt, impacting Nigeria's economy. The country's public debt had increased significantly by the first quarter of 2025.

Sagagi emphasized the importance of structural reforms to address economic vulnerabilities and achieve sustainable growth, despite the current challenges facing the Nigerian economy.