The Business NG - July 22, 2024

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Analysts has predicted a stable exchange rate for the Nigerian naira by year-end 2024, with projections indicating a range of N1,423.26/$ to N1,550/$. This optimistic forecast is driven by several positive economic developments, including the commencement of local petrol supply from the Dangote refinery and sustained tight monetary policy measures.

According to the analysts' report, "Balancing Act: Nigeria's Path to Economic Stability," key factors contributing to the projected stability include:

- Reduction of trade deficit in refined liquids
- Narrowing of negative interest rate differential
- Slowdown in headline inflation
- World Bank's $750 million disbursement to temporarily boost reserves and forex supply
- Continued increase in dollar supply, enhancing forex liquidity
These factors collectively suggest a stable outlook for the naira by the end of 2024."