NAIRA TO MAINTAIN MOMENTUM AGAINST THE DOLLAR IN COMING WEEKS, EXPERT PREDICTS
Dr. Wunmi Bewaji, a securities and financial regulation expert, has indicated that the current momentum of Nigeria’s naira against the dollar is expected to endure. He further forecasted a potential rapid decline in the value of the dollar in the upcoming weeks.
Dr. Bewaji shared these insights while speaking with a correspondent from TECHECONOMY, highlighting the recent trends in the naira’s performance against the United States dollar.
Earlier this week, the Nigerian naira was valued at N1400/$1, marking a significant improvement from its rate of N1,560/$1 recorded on Tuesday, the strongest level since March 4th.
Dr. Wunmi attributed the recent success of the naira to various decisive actions taken by the Federal Government, notably concerning Binance, a leading global cryptocurrency exchange. He suggested that these government actions and policies are yielding positive outcomes.
He elaborated on the impact of a recent court order directing Binance to disclose customer information to the Economic and Financial Crimes Commission (EFCC). Dr. Bewaji emphasized that this development could lead to the exposure of individuals engaged in trading activities on Binance, previously believed to be anonymous.
While acknowledging Binance’s suspension of naira services and the allegations against the company, Dr. Bewaji underscored the importance of recent government measures aimed at safeguarding Nigeria’s currency and addressing economic challenges.
He expressed confidence in the sustainability of the naira’s recent gains but noted a perceived lack of attention from the Nigerian media regarding the underlying factors contributing to this success.
Dr. Bewaji highlighted the significance of the court order and its potential implications for the forex market, suggesting that clandestine trading activities may no longer be viable.
Overall, Dr. Bewaji remains optimistic about the naira’s momentum, anticipating further appreciation against the dollar in the coming weeks, alongside potential inflows of foreign investment.
Source: Tobi Adetunji; Techeconomy
