Global rating company Fitch Ratings has predicted that the value of the naira will conclude the year at N1,450 to the dollar.
Director of Fitch Ratings’ Middle East and Africa sovereigns, Gaimin Nonyane, disclosed this on Tuesday at a post-sovereign rating webinar that concentrated on Nigeria and Egypt.
According to Nonyane, even though the naira has fluctuated since it began floating in June 2023, there is hope that the volatility will decrease by the third quarter of 2024.
He said:
Speaking further, Nonyane stated that the organisation sees a way to maintain current account surpluses and a lasting recovery in the foreign exchange position of the CBN.
She stated that as of right now, the current account surplus is smallâless than 1% of GDP – are still not substantial.
She also suggested increased foreign exchange market stability and a long-term decline in inflation.
She demanded that in order to possibly result in an upgrade, there needs to be a greater mobilisation of local non-oil earnings.
Fitch Ratings also projected recovery in the oil sector in the short term to support the FX demands.
It stated:
TimesNow.com.ng reported that Nigeria has paid 98% of the airlines whose money is stuck in the nation and has requested the final clearance of the remaining 2%, the International Air Transport Association (IATA).
According to IATA Director General Willie Walsh in a This Day report, the amount of airline funds that governments are preventing from being repatriated has decreased overall by 28%.
He estimated that the entire amount of blocked money at the end of April 2024 was around $1.8 billion, a decrease of $708 million (or 28%) from December 2023.
Source: TimesNow.com.ng
