In line with FSDH Research‘s forecast, Nigeria will continue to struggle to maintain a balance between supply and demand for foreign exchange, with an average of N925 per US dollar in the official market in 2024.
Standard Chartered Bank’s managing director and Chief Economist for Africa and Middle East, Razia Khan, voiced optimism about Nigeria foreign exchange reserves and projected donor support and external borrowing to increase them.
Targeting Nigeria most vulnerable communities, the World Bank is expected to make a substantial contributions to the country’s economic resilience by providing $800 million in “palliative funding” to mitigate the financial impact of the elimination of subsidies.
Additinally, $1.5 billion in budget support for the fiscal years in 2023 and 2024 is anticipated to be approved by World Bank.
