Business

More hard times to come in Nigeria – Naira predicted to lose value by 20%

Central-Bank-of-Nigeria-Headquarters

The Nigerian Naira has been predicted to lose value by up to 20% in 2023.
This prediction is coming from analysts at Bank of America.

They sited gap between the official exchange rates employed by the central bank, the black market rate and the fair value analysis rate employed by Bank of America, as reasons for their negative projections.

However, the analysts noted that the devaluation is unlikely to happen until after the presidential elections in February 2023.

The naira is currently exchanging for N800+ to the US dollar.

If the analysts are right, then its time to brace up for further economic challenges in Nigeria.

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Photocredit: guardian.ng

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