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abujagirl
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Diamond Bank has predicted that the Central Bank of Nigeria, CBN will devalue the naira by at least 15 percent to 227 against the dollar in 2016.
According to THE CABLE, the Bank made the prediction in its 2016 Business outlook.
The bank said “with lower oil prices to persist and its implications on foreign reserves, further naira devaluation of 15 percent minimum is anticipated in 2016 at the official market”.
“We expect the apex bank to review a number of its FX policy in the first Monetary Policy Committee meeting of the year. Emphasis will be placed on the trade impact of FX shortages and its inherent sovereign risks,” the bank added.
Diamond Bank also predicted double digit inflation in the report.
According to THE CABLE, the Bank made the prediction in its 2016 Business outlook.
The bank said “with lower oil prices to persist and its implications on foreign reserves, further naira devaluation of 15 percent minimum is anticipated in 2016 at the official market”.
“We expect the apex bank to review a number of its FX policy in the first Monetary Policy Committee meeting of the year. Emphasis will be placed on the trade impact of FX shortages and its inherent sovereign risks,” the bank added.
Diamond Bank also predicted double digit inflation in the report.
