Naira Forecasted to Reach N1650/$ in Expert Financial Advisory - Check Out When
Tuesday 9 January 2024
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In a recent report by the Chief Executive Officer of Corporate Finance Group (CFG) Advisory, Adetilewa Adebajo, it has been predicted that the foreign exchange (FX) crisis in Nigeria will persist, projecting the Naira to close the year at a range between N1,500 and N1,800 to a US dollar. Adebajo suggests a forecast midpoint of N1650/$, urging Nigerians to brace themselves for an 18-month economic recovery period characterized by a high-interest rate regime and sustained FX scarcity at the Nigerian Autonomous Foreign Exchange Market (NFEM), with potential relief from the parallel market.
Adebajo emphasized the importance of constant hedging to preserve value, recommending the movement of excess liquidity and profits into assets that retain value amid the challenging economic conditions. He raised concerns about Nigeria's current debt levels, deeming them unsustainable. With a debt burden of $130 billion being serviced by 95% of revenue, the debt servicing now exceeds both recurrent and capital expenditure. CONTINUE READING.....
The CFG Advisory CEO expressed skepticism about the $10 billion budget deficit in 2024, questioning whether Nigeria is heading towards a default scenario similar to Ghana, Zambia, and Ethiopia. Adebajo proposed immediate discussions on restructuring both domestic and external debt alongside ongoing economic reforms to avoid potential imposition from the Paris and London clubs.
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Despite the challenges, Adebajo highlighted that the fundamentals of Nigeria's economy remain sound. He attributed the hurdles to poor economic leadership and expressed optimism about the prospects of growth with the new and highly-rated economic management team in place. CONTINUE READING.....
As the nation navigates economic uncertainties, businesses are advised to consider a benchmark recommendation for operations to ensure year-end value retention on the Naira to be between 1,500 and 1,800, depending on the sector of the economy. The call for proactive measures and discussions on debt restructuring aims to address the underlying issues and foster a more stable economic environment for Nigeria's future.
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