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.