Naira is expected to fall to N500 per dollar on the Investors & Exporters FX window as Nigeria’s external reserves, which stood at $37.21 billion as of January 17, 2023, is also expected to fall to $34.9 billion at the end of 2023, the Nigerian Economic Summit Group (NESG) has said.
The decline in the official foreign exchange reserves will be driven by the Central Bank of Nigeria’s intervention in the forex market and shortage in FX inflow at the end of 2023.
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