The Central Bank of Nigeria (CBN) has predicted an improvement in the value of the Nigerian naira in the coming months, attributing this expected rise to increased domestic crude oil production and exports. In a report titled “Macroeconomic Outlook: Price Discovery for Economic Stabilisation,” the CBN outlined its expectations for the naira’s appreciation in the foreign exchange markets.
The CBN highlighted that higher crude oil export receipts would bring more foreign exchange into the market, reduce depreciation pressures, and strengthen the naira. The report also noted that the ongoing reforms in the foreign exchange market are expected to boost investor confidence and increase remittances.
As of June 18, the official exchange rate for the naira was N1,566.82 per dollar, while the black market rate was N1,610. The CBN believes these measures will help stabilize the exchange rate and contribute to the broader resilience of the Nigerian economy. The bank anticipates continued economic growth, moderated inflation, and greater exchange rate stability, projecting an increase in growth from 2.74% in 2023 to 3.38% in 2024.
In an effort to combat the naira’s depreciation, the CBN recently conducted another round of forex sales to licensed Bureau De Change Operators, each receiving $20,000 to help reduce the street exchange rate of the dollar. This move is part of the CBN’s broader strategy to stabilize the naira and support the Nigerian eco
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