Business
Naira to Depreciate to N1,804 per Dollar by 2025 – Report
- Afrinvest projects Naira at N1,804 per dollar by 2025 due to FX volatility.
- CBN faces challenges in meeting foreign exchange demand.
- EFEMS introduces relative stability amid Naira fluctuation
EKO HOT BLOG reports that the projection is based on the anticipation that the Central Bank of Nigeria (CBN) may face challenges in meeting foreign exchange demands, with ongoing FX volatility expected in the coming months.
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“We anticipate that exchange rate volatility will persist in 2025, albeit at a modest pace. Our outlook is based on the belief that the CBN will struggle to consistently meet market demand, as recent foreign exchange reserves growth has largely been fueled by inflows with stringent usability conditions,” the report stated.
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This forecast contrasts with the N1,500 per dollar target proposed in the 2025 budget before the National Assembly.
As of Friday, the Naira had strengthened slightly at the official market, closing at N1,534 per dollar, while the black market rate stood at N1,650.
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Despite fluctuations throughout 2024, the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in October has provided some relative stability to the currency.
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