The Nigerian government anticipates a stronger naira in 2024, buoyed by an expected increase in dollar supply, as revealed by Ben Akabueze, the Director-General of the Budget Office of the Federation.NYSC Portal
In a recent interview with Channels TV, Akabueze discussed the government’s outlook on the currency’s future, particularly in light of the N750 to dollar projection made in the 2024 appropriation bill.InformationGuideNigeria
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Akabueze’s confidence in the naira’s fortification stems from the government’s belief in the efficacy of its policies. These policies are presumably aimed at enhancing foreign exchange inflows, thereby boosting the supply of dollars in the country.JAMB Portal
An increased dollar supply typically leads to a stronger local currency as it eases the pressure on foreign exchange reserves and balances demand and supply dynamics.JAMB Result
He said, “The N750/$ exchange rate in the 2024 budget is possible. We may begin the year with a little higher amount but if all that the Central Bank of Nigeria says it would do is put in place, as well as other things, we should expect to see a significant increase in the supply of foreign exchange in the economy in 2024.
“If the supply increases, the naira will strengthen. Our focus is on what we can do to stimulate the flow of foreign exchange into the economy.”
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