FG Adopts N800 to Dollar Exchange Rate in 2024 Budget

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With the aim of ensuring stability in the 2024 Appropriation Act, the Federal Government disclosed on Thursday that it settled for an exchange rate of N800 to the dollar.

The decision was based on a consideration of the average performance of the naira, with the government opting to avoid pegging the foreign exchange benchmark on a spot rate to navigate potential uncertainties.

Minister of Budget and National Planning, Atiku Bagudu, clarified that although the government initially proposed a projected exchange rate of N750 to the dollar in the 2024 budget, the National Assembly adjusted it to N800

Bagudu expressed optimism regarding the effectiveness of the government’s current measures, anticipating a notable increase in the supply of foreign exchange in the economy.

Source: PUNCH

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