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LequteMan
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Nigeria - Several currency analysts in the country have predicted that the Naira will fall to N250 against the dollar in the coming weeks and urged the CBN to further devalue the currency.
The Naira at the end of business yesterday traded at N233/$ and experts believe the currency will lose more value in the coming days.
“We are probably heading for a twin economic crisis of high exchange rate and high inflation rate if we don’t quickly nip it in the bud. Going by the way the naira is falling, it may hit 250 against the dollar at the parallel market if nothing is done to reverse the trend,” a currency strategist and analyst at Ecobank Nigeria, Mr. Kunle Ezun, told our correspondent.
“For me, the best thing may be for the CBN to devalue the naira. The truth is that there is no dollar out there at all,” he added.
The Head, Research and investment, Sterling Capital, Mr. Sewa Wusu, said the “onus lies on the CBN to devalue the naira before it is too late.
He added that the market is already reacting to the expected devaluation.
The Acting President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, expressed the same opinion.
Naira began to decline 10 days ago when CBN announced a ban in forex sale for importation of 41 items.
Read More: CBN Stops the Sale of Forex for 40 Items
Source: PUNCH
The Naira at the end of business yesterday traded at N233/$ and experts believe the currency will lose more value in the coming days.
“We are probably heading for a twin economic crisis of high exchange rate and high inflation rate if we don’t quickly nip it in the bud. Going by the way the naira is falling, it may hit 250 against the dollar at the parallel market if nothing is done to reverse the trend,” a currency strategist and analyst at Ecobank Nigeria, Mr. Kunle Ezun, told our correspondent.
“For me, the best thing may be for the CBN to devalue the naira. The truth is that there is no dollar out there at all,” he added.
The Head, Research and investment, Sterling Capital, Mr. Sewa Wusu, said the “onus lies on the CBN to devalue the naira before it is too late.
He added that the market is already reacting to the expected devaluation.
The Acting President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, expressed the same opinion.
Naira began to decline 10 days ago when CBN announced a ban in forex sale for importation of 41 items.
Read More: CBN Stops the Sale of Forex for 40 Items
Source: PUNCH
