The federal government has promised to shore up the value of the naira against the US dollar in the foreign exchange market.
Already, measures have been put in place to achieve a fair exchange rate target in the weeks ahead, Punch reports.
Torizone earlier reported that the Central Bank of Nigeria (CBN) cleared banks' forex forwards backlog, creating a positive sentiment and helping the naira improve in value across all the FX markets.
Although the gains have reversed in the last few days, the Special Adviser to the President on Economic Matters, Dr Tope Fasua, believed the measure will help the naira achieve N500-N600/$1 in the future.
Speaking at an event in Abuja, he cautioned Nigerians hoarding foreign currencies with the hope that the local currency will continue to fall. He also warned the government's policies will shock them, according to reports.
Fasua words: "Some people thought the naira will continue to lose value. Of course, we can already see what's going on and the naira will strengthen even further to may be N500 or N600."
Experts react to N500-N600/$1
Speaking on Fasua's naira projection, NECA's Director-General, Mr Adewale-Smatt Oyerinde, noted that the plan for the government to achieve an N500-N600/$1 in 2024 was very ambitious.
He said the government should fix the problem before setting targets.
He said: "While we commend the plan, it is instructive to note that this will require a deliberate and focused plan of action to address the shortfall in dollar supply".
On his part, Olatunde Amolegbe, immediate past President of the Chartered Institute of Stockbrokers, CIS, wondered how the targeted exchange rate would be achieved.
He stated: "Though I have not seen where they stated this, how they intend to do it is still unclear to me. We certainly do not have enough information that points to how this will happen in the medium term".
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