Bismarck Rewane, CEO of Financial Derivatives Company, has called on the Central Bank of Nigeria (CBN) to focus on stabilising the naira and controlling money supply growth to mitigate inflationary pressures.
Rewane, speaking at the 2024 Macroeconomic Outlook Forum organised by Parthian Group in Lagos, highlighted the divergence between Nigeria’s parallel and official exchange rates.
He noted that the disparity is due to forex supply shortages and market speculation.
He said:
Punch reports that on Nigeria’s foreign exchange system, Rewane noted that fundamentals suggest a stronger naira but warned that achieving stability requires efficient management of the FX market.
Rewane remarked,
Rewane offered a cautiously optimistic outlook for 2025, predicting that Nigeria’s economy would begin to exit its current reform-induced challenges, with inflation expected to ease by mid-2025.
However, he warned that macroeconomic stabilisation must precede any aggressive growth agenda. BusinessDay reports.
He added:
TimesNow.com.ng earlier reported that Adeboye prophesied the possibility of the Nigerian currency bouncing back against the dollar with greater influence.
Adeboye revealed the prophecy at the RCCG’s monthly Thanksgiving service on Sunday, with the theme ‘Uncommon Miracles’.
According to the religious leader, there was a period when Nigeria’s currency completely favoured the US dollar.
Source: TimesNow.com.ng
