Ben Akabueze, the director-general of Nigeria’s budget office, recently expressed optimism about the Naira gaining strength in the foreign exchange market during 2024 during an interview with Channels TV on December 26, 2023.
He highlighted that this positive shift is anticipated due to an expected increase in the supply of dollars and the ongoing reforms initiated in 2023 under the Tinubu-led government. Akabueze emphasized that the government anticipates these reforms to yield tangible results in the coming year, reinforcing their optimistic stance on the exchange rate.
As the director outlined, the key factor contributing to this anticipated currency boost is the projected surge in dollar supply. This development aligns with the government’s strategic reforms and sets the stage for a potentially strengthened Naira in the international foreign exchange arena.
Source: Legit Business