The Minister of Budget and Economic Planning, Atiku Bagudu, anticipates an improvement in the exchange rate, citing the ongoing exchange reforms led by President Bola Tinubu and the Central Bank of Nigeria.
Bagudu highlights that countries adopting a liberalized foreign exchange market, like Nigeria, have historically experienced better exchange rates. He expresses confidence in the performance of Nigeria’s foreign exchange market, citing global indices that indicate forthcoming improvements.
The comments come approximately six months after President Tinubu implemented currency reforms, including removing rate caps on the exchange rate. Bagudu, a former Kebbi State governor, shared these insights during a discussion with business editors in Lagos, emphasizing the expectation of further stabilization in the foreign exchange market under the current administration.
Additionally, Bagudu mentions that Nigeria has reduced borrowing in the 2024 budget, signaling efforts to boost revenue for enhanced economic stability. He urges Nigerians to demand the resignation of public officials who fail to perform in their assigned roles.