Nigeria’s next potential Finance Minister, Wale Edun, has expressed optimism that the Nigerian naira could strengthen to N700 per US dollar once the Central Bank of Nigeria reverses the damaging policies of the previous administration and attracts foreign equity investments.

During his Senate screening, Edun highlighted the importance of stable exchange rates for a country with revenue streams from oil, remittances, non-oil exports, and financing.

He emphasized that if inflation is controlled and all other conditions are met, the current exchange rate of N860/$ is not supported by the fundamentals of the Nigerian economy.

“For a country with revenue flows from oil revenues, from remittances, from other non-oil exports, and from financing of over $100 billion a year, there is no reason that there should not be a stable exchange rate,” Edun said.

Edun asserted that the fundamental value of the naira should be around 700. However, he also issued a warning to currency speculators, cautioning them that as liquidity increases and the exchange rate drops, they may face losses.

The Nigerian naira has experienced significant depreciation against the US dollar since it was floated, with its value plummeting by over 60%.

The foreign exchange reform implemented in June has put further pressure on the currency. Currently, the naira closed at N757/$ (official rate), while in the parallel market, it traded weaker at N871/$.

Due to high demand and limited supply, banks are asking clients to bid at N900/$ to stand a chance of getting US dollars.

Edun attributed the pressure on the exchange rate to past foreign exchange management practices, inefficiencies, and corruption, which have led to unpaid dollar bills.

He assured that the monetary authorities and the government are committed to resolving this issue by raising revenue, attracting foreign investment funds (particularly equity funds), and implementing measures to stabilize the exchange rate and boost the Nigerian economy.

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