They also forecast aggressive growth in the country’s foreign reserves, saying they could hit $60 billion in the year.
Chioke said signals seen in both domestic and global economies showed that the country’s economy was at a turning point for greatness. According to him, although the naira has been devalued significantly by about 40 per cent, it has great benefits, including government making huge savings of around N2 trillion, just from the subsidy removal.
He said the bigger picture was that more foreign direct investments would find their way into the economy. “No policy can artificially fix the rate without further worsening the delicate condition. In fact, the incentives to substantially push the exchange rate lower are quite minimal for revenue mobilisation,” he said.