CBN Survey: Businesses Predict Stronger Naira, Economic Boom in 2025

By Nasir Dambatta
Businesses in Nigeria are brimming with optimism about the country’s economic future, forecasting a stronger Naira and increased business activity in the months ahead, according to the Central Bank of Nigeria’s (CBN) December 2024 Business Expectations Survey (BES).
The survey, published on the CBN’s website, revealed that firms anticipate a steady appreciation of the Naira, projecting significant gains over the next six months. Businesses expect the currency to strengthen in January 2025, with appreciation reaching 29% by mid-year.
This confidence is driven by expectations of exchange rate stability, rising total orders, and increased economic activity as Nigeria enters 2025. The agriculture sector emerged as the most optimistic, with aggressive expansion plans for the new year, reinforcing its role as a key driver of economic recovery.
The projections align with the CBN’s recent foreign exchange (forex) reforms, which have been instrumental in stabilizing the market and restoring investor confidence. Governor Olayemi Cardoso, speaking at the Nigerian Economic Summit Group (NESG) Economic Outlook, emphasized the positive impact of these reforms.
“We are seeing the tangible outcomes of our foreign exchange reforms, which have boosted market transparency and restored investor confidence. The Naira is becoming more competitive, creating opportunities for exports and local production,” Cardoso said.
The Naira closed at N1,533.26 to the dollar at the official CBN window yesterday, marking its second-best closing rate since the launch of the Nigeria Foreign Exchange Market System (NFEMS) portal. In the parallel market, it appreciated by N10, closing at N1,640 to the dollar.
Cardoso further highlighted key milestones in 2024, including over $6 billion in foreign capital inflows and external reserves exceeding $40 billion, signaling renewed investor trust in the Nigerian economy.
With businesses expressing confidence in improved financial conditions, increased orders, and a stable inflation outlook, the CBN survey reinforces hopes of a stronger economic trajectory for Nigeria in 2025.