Naira to Depreciate: Insights from Nigerian Businesses on Currency Trends

Wednesday, 21 August 2024, 10:17

Naira to depreciate in the next three months, as reported by Nigerian businesses. The Central Bank of Nigeria survey reveals optimism for the future despite ongoing currency challenges.
Nairametrics
Naira to Depreciate: Insights from Nigerian Businesses on Currency Trends

Naira to Depreciate in the Next Three Months

Nigerian businesses expect the Naira to depreciate in the next three months based on insights from the Central Bank of Nigeria’s (CBN) survey. This survey indicates a positive outlook for business activities despite currency depreciation fears.

Key Findings from the CBN Survey

  • Businesses expect continuous depreciation of the Naira.
  • The agriculture sector is projected to lead in business expansion.
  • Expectations for an uptick in borrowing rates emerged in the survey.

Recent Naira Performance

The recent depreciation of the Naira has raised concerns as it approaches N1,600/$, amidst challenges in the foreign exchange market. Initiatives by the CBN aim to stabilize the currency.

Positive Business Expansion Outlook

Despite challenges, businesses project expansions across various sectors, particularly in Agriculture, with employment prospects set to improve. The Agriculture Sector shows the highest job creation potential.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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