Advisers of President Bola Ahmed Tinubu have said that for the country to target an exchange rate of between N500 and N600 naira to the dollar, it would need
As of June 15, the 30 days moving average of Nigeria’s external reserves stood at $34.6 billion according to the latest data on the website of the Central Bank of Nigeria. This means that the country would need to double its reserves. The country’s foreign exchange reserves, which had risen to $37.21 billion at the beginning of the year, has since been on the decline.
A policy document prepared for the government by a panel of advisers proposed a doubling of exports to support the new government’s growth ambitions. International news agency, Reuters, said Nigeria would need to more than double exports from $42.4 billion last year. President Tinubu had since his inauguration on May 29 this year made good his word to reform the economy with a series of actions. In his inaugural speech, he announced the end of petrol subsidy in the country whilst mentioning an overhaul of the monetary policy.
Two weeks into his tenure, he suspended the governor of the Central Bank of Nigeria while restrictions on the foreign currency market has been removed, leading to the naira falling to record lows at the official market.
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