A recent report by Afrinvest, titled ‘Beyond The Rhetorics: Transforming Reforms to Tangibles’, projects that the Nigerian Naira will depreciate to ₦1,804 per dollar at the official market in 2025.
The report suggests that the Central Bank of Nigeria (CBN) may struggle to meet foreign exchange demands and manage anticipated FX volatility.
The report highlights that exchange rate volatility is expected to persist in 2025, albeit at a modest pace. This projection is based on the belief that recent FX reserves accretion was driven by inflows from inorganic sources with stringent conditions on usability.
This forecast contrasts with the ₦1,500 per dollar benchmark proposed in the 2025 budget before the National Assembly.
As of Friday, the Naira gained at the official market to close at ₦1,534 per dollar and ₦1,650 at the black market.
Despite fluctuations in 2024, the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in October brought relative stability.
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