The Guardian

Nigeria is expected to appreciate the naira in the first quarter of 2025


President Bola Tinubu’s spokesperson, Ajuli Ngerale, said Nigerians should expect the naira to appreciate in the first quarter of 2025.

Mr Ngerale predicted this following the success the Tinubu administration has recorded in intervening in the foreign exchange (FX) market.

He feels that the naira will further strengthen next year following the full restart of Nigeria's refineries.

“The President has been consistent in his view that the pain and incredible sacrifices felt by our people over the past 10 months will be fully repaid,” he said in a summary made available to reporters in Abuja. . .

“The President's multi-pronged approach to eliminating malicious actors and nefarious practices from the domestic foreign exchange market is a good thing.”

According to him, they provided a platform for sustained strengthening of our country's currency against all world currencies.

But Gelare said there was still much work to do and now was not the time to celebrate.

He believes now is the time to redouble efforts to ensure that inflation rates fall sustainably in the short term.

The presidential spokesperson also said he was optimistic that regulators would step up enforcement efforts to protect consumers.

This protects Nigerians from being unfairly modified by companies that do not fully reflect prevailing exchange rates in the pricing of their goods and services.

“Once private and state-run refineries resume operations between now and the first quarter of 2025, the country's cash position will improve dramatically.

“Nigerians can expect the naira to appreciate and its strength to be fairly reflected in commodity prices.

“Adding to the growing purchasing power of Africa’s largest population, historically trillions of naira being available for consumer credit, will strengthen the real sector.

“Nigerians will be most pleased to have elected a financial engineer and businessman as their president.

“It will be achieved by the end of his first term, as the signs of that are becoming more and more pronounced today.”

Source: guardian.ng

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