The Lagos Chamber of Commerce and Industry (LCCI) just announced that the Naira will soon appreciate to N1,000 per Dollar.
This information was announced by the LCCI President. Mr.Gabriel Idahosa while he was in an interview with some news men over the topic of the country’s economic status in Lagos.
He said: “We see the possibility of the Naira gaining some value before the end of this year. The billions of dollars expected from the sales of marginal oil fields, achieving a higher oil production level, and the possibility of an increase in oil price may all play a role in driving supply to record levels and helping the Naira to appreciate towards the N1000 mark.”
He also asked the CBN to consider reviewing a free-floating of the exchange rate.
According to him, “the depreciation of the Naira was fundamentally driven by low supply of foreign currencies to the market, even though speculative activities played a huge role in distorting the real value of the Naira.
“Before the end of the first quarter, the Naira firmed up due to some FX policy reforms undertaken by the CBN. The CBN needs to sustain its interventions and improve supply in the FX market, adopt policies that would attract more FX inflow into the economy, and build market confidence in the performance of the Naira even in the long run.”
“We advise creating an environment enabling foreign investors to build renewable energy factories in Nigeria to upscale our energy transition and reduce our dependence on the national hydro grid, which has continued to crash at close intervals in recent months,” he said.
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