See new naira exchange prediction by research firm

• A data research company based in Abuja has predicted a new exchange rate for the naira against the dollar in 2025
• The company, in its macroeconomic outlook released to the public, said it expects the naira to hit N2,000 a dollar
• Naira is at one of its lowest levels and exchanges in the official and black markets above N1,680 against the US dollar

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Veriv Africa, a data insights, research, and advisory firm, predicted that the naira could exchange at N2,000 per dollar in a worst-case scenario, while a best-case scenario projects a rate of N1,790 per dollar.

The research firm disclosed this in its macroeconomic outlook, released over the weekend in Abuja.

Naira set to hit N2,000 a dollar in 2025 Photo credit: Bloomberg/contributor
Source: Getty Images

Veriv Africa also forecasts a 3.6% GDP growth rate in the best case and a 2.5% growth rate in the worst case.

Veriv Africa’s co-founder, Basil Abia, who unveiled the report, said the aggregate inflation rate for 2025 is 31%, while the price for Premium Motor Spirit (PMS) may rise to N1100 per litre.

Abia said:

“For the best-case scenario, we are going to be able to get a 3.6% GDP real growth rate. Outside of that, we are also going to be doing N1,790 naira per dollar. And then with regards to PMS, we are going to be seeing PMS prices of over N1,200 per litre.“We are also foreseeing that GDP growth rates will just be around 2.5% or 2.53%, to be more specific, or around 2.6% in the worst-case scenario. We are also foreseeing inflation rates at 36%, which is a slight reduction.“Well, not a reduction, because, in all honesty, the aggregate inflation rate for the entirety of 2024 would be around 33%, so a 36% headline inflation rate next year is a significant increase, which basically means that our bills will be further tightened.“Now, for the worst-case scenario, this is the one that a lot of people are praying doesn’t happen. We are foreseeing the dollar going for N2,000 naira per dollar.”

Naira exchange rate

The naira is sold at N1,652.25/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

In the parallel market, traders told Legit.ng that the naira exchanges at N1,740/$1.

Pastor Adeboye predicts naira will bounce back

Legit.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: Legit.ng