The naira is projected to stabilize against the US dollar by the end of the fourth quarter of 2024, finishing the year strongly.
Naira’s Trend Against the DollarYear-to-date, Nigeria’s exchange rate has depreciated by 69.
9%, starting at N907.11/US$ in January and sliding to N1,541.
52/US$.
What to knowThe report highlights an improvement in forex inflows over recent quarters, though pressures on the foreign exchange market remain.
In addition, the Naira for Crude Initiative, launching on October 1st, 2024, is expected to provide further relief to Nigeria’s forex challenges.
The report maintains an optimistic outlook for the naira in the fourth quarter of 2024, suggesting a more stable exchange rate as these interventions take effect.
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