According to Standard Chartered Bank, the naira is expected to trade at N685 per US dollar by the conclusion of June, as Nigeria accelerates the implementation of reforms necessary to address its foreign exchange market.
In a note to investors on June 14, Razia Khan, the head of research for Africa & Middle East, and Samir Gadio, the head of Africa strategy at Standard Chartered bank, stated that they now predict the USD-NGN exchange rate to reach 685.00 by the end of Q2-2023, a revision from their previous forecast of 480.
They further anticipate a rise to 720 in Q3-2023, compared to their earlier projection of 520, followed by subsequent appreciation as the market stabilizes.