One of the world’s active and dominant financial and economic website, Bloomberg, has predicted that 2024 will be a difficult year for the Naira, even without making a generic prediction for the Nigerian economy. This means that the naira’s depreciation in 2024 is expected to worsen. In this post, we’ll be examining the topic of Bloomberg P
predicts a difficult year for the naira in 2024.
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Bloomberg Predicts a Difficult Year for the Naira in 2024
Bloomberg has predicted that it will be a tight year for the naira in 2024. The economic and financial newspaper states that unlike the several reports which puts it that the naira will rebound in 2024, the naira won’t rebound. They go on to state that instead of the naira to recover, there will be depreciation of the naira.
So far so good, the naira has lost 55% of its value in 2023 when the naira was floated, and exchange rate unified. The free fall of the naira is expected to worsen in 2024. At the moment, the rate of naira overs around 900 naira to 1 dollar in the official market, and 1240 naira to 1 dollar in the black market.
In 2024, the rates will fall more, and the naira will depreciate further. It is expected that naira will fall to the point of around 1400 to 1500 naira per 1 dollar if the exchange rate is not well managed. However, Bismarck Rewane, chief executive officer, holds a different view.
Bismark Rewane has stated that the economy of Nigeria will rebound in 2024, and the GDP growth rate will improve from 2.4% to 2.9%. Exports will also improve with the establishment of different oil refineries while imports will decrease. Thus, there’ll be relaxing of the pressure on the naira. He forecasts that naira will rebound, although slightly.
According to Bismark Rewane, we should expect naira to sustain its strength in the market to about 900 naira to 1000 naira to a dollar in the official or black market.
Conclusion
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