The Lagos Chamber of Commerce and Industry contends that slashing Nigeria’s forex rate to N1,300 per dollar could be the catalyst for taming runaway inflation. LCCI President Gabriel Idahosa asserted that stabilizing the exchange rate at N1,300 to N1,400—down from the current N1,500 benchmark—could dramatically deflate inflation, which soared to 34.80% in December 2024.
Speaking amid the endorsement of Nigeria’s audacious 2025 budget of N54.99 trillion and a target to reduce inflation to 15%, Idahosa warned that without a stabilized exchange, ambitions like propelling the economy to a $1 trillion valuation will remain out of reach. He further emphasized that an aggressive boost in crude and petroleum exports is imperative for reining in inflation. Meanwhile, as the Senate ratified the N54.9 trillion budget, the official market still sees the dollar trading at N1,507.88, underscoring the stark gap between fiscal objectives and current economic realities.
