The Central Bank of Nigeria (CBN) has predicted that the naira will appreciate in the foreign exchange markets.

According to the CBN, this positive change is as a result of better crude oil production and exports.

The apex bank made this known in its latest report titled "Macroeconomic Outlook: Price Discovery for Economic Stabilisation."

CBN stated that the growth in crude export will aid in bringing more forex into the market, reducing the pressures of depreciation and strengthening the Nigerian currency.

“The expected rise in crude oil export receipts would provide further impetus to the market, moderate depreciation pressures and strengthen the naira," the CBN stated.

CBN continued that it sees improved investor confidence and higher remittances due to the reforms in the foreign exchange market.

On Thursday, July 18, 2024, the naira's value at the official market was N1,566.82, while in the black market, the dollar was sold at N1,610.

CBN added in their report that the Nigerian economy shows steady growth.

It stated: “The outlook is influenced by better domestic crude oil production and refining, and higher oil prices, which could raise growth from 2.74% in 2023 to 3.38% in 2024.”