{"id":138338,"date":"2024-01-12T12:49:43","date_gmt":"2024-01-12T12:49:43","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/12\/why-we-strategically-settled-for-n800-to-dollar-exchange-rate-bagudu\/"},"modified":"2024-01-12T12:49:43","modified_gmt":"2024-01-12T12:49:43","slug":"why-we-strategically-settled-for-n800-to-dollar-exchange-rate-bagudu","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/12\/why-we-strategically-settled-for-n800-to-dollar-exchange-rate-bagudu\/","title":{"rendered":"Why We Strategically Settled For N800 To Dollar Exchange Rate \u2014 Bagudu"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-599853\" src=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/01\/bagudu-urges-support-for-hides-and-skin-sector-leadership-newspaper.jpg\" alt=\"\" width=\"1000\" height=\"600\"  \/><\/p>\n<p>Atiku Bagudu, the Minister of Budget and National Planning, says the decision to base the 2024 budget on foreign exchange benchmark of N800 to a dollar was a strategic and conscious decision by the Federal Government.<\/p>\n<p>While speaking to State House reporters on Thursday, Bagudu said the decision was taken to avoid eventualities and uncertainties.<\/p>\n<p>He explained that before arriving at the projected exchange rate of N750 to the dollar in the 2024 budget, which the National Assembly raised to N800 to the dollar, the government considered and viewed critically, the average performance of the naira.<\/p>\n<p>\u201cFor budgeting purposes. You don\u2019t use the spot rate of anything. Oil price can go to 120 today, maybe there is a shortage, maybe there is a collision between two ships that will block a channel. It would be foolish to use that as a reference price, I should take a period maybe six months to one year and say let me observe this average behaviour, so you don\u2019t use spot prices. So, even with the exchange rate, it is like that,\u201d he added.<\/p>\n<p><strong>READ ALSO: Yacht: Tinubu Lived In 3-Bedroom Apartment Before Polls, He\u2019s Modest \u2014 Budget Minister, Bagudu<\/strong><\/p>\n<p>Bagudu explained that \u201cMuch as we are hoping that it would soon come below, but at the time you are doing the budget, you will take a view on average performance. And that\u2019s what we took.<\/p>\n<p>\u201cIn fact, we took an average performance of 750 on the executive side and we proposed it to the National Assembly and the National Assembly in its wisdom, and mind you this is democracy, and President Tinubu is one who is a lifelong advocate of institutional separation of power.\u201d<\/p>\n<p>He added that Tinubu allowed the National Assembly to raise further the exchange rate considering his high respect for the institution and democracy.<\/p>\n<p>The minister posited that the Federal Government was sure that with the measures it is currently taking, there will soon be a significant increase in the supply of foreign exchange into the economy.<\/p>\n<p>According to him, the Federal Government, within the 2024 fiscal year, intends to operate strictly within the dictates of Fiscal Responsibility law, which provides for the Central Bank of Nigeria (CBN), to lend to the government through its Ways and Means window, only 5 per cent of total budget.<\/p>\n<p>He expressed optimism that the government could achieve the target of at least 1.8 million oil production per day with the current security gains and mobilisation of all stakeholders.<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"890536\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-1923536476\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/300x250b.gif\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Atiku Bagudu, the Minister of Budget and National Planning, says the decision to base the 2024 budget on foreign exchange benchmark of N800 to a dollar was a strategic and conscious decision by the Federal Government. While speaking to State House reporters on Thursday, Bagudu said the decision was taken to avoid eventualities and uncertainties. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":138339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-138338","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why We Strategically Settled For N800 To Dollar Exchange Rate \u2014 Bagudu - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/12\/why-we-strategically-settled-for-n800-to-dollar-exchange-rate-bagudu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why We Strategically Settled For N800 To Dollar Exchange Rate \u2014 Bagudu - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Atiku Bagudu, the Minister of Budget and National Planning, says the decision to base the 2024 budget on foreign exchange benchmark of N800 to a dollar was a strategic and conscious decision by the Federal Government. 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