CBN Predicts New Naira Rate as Currency Depreciates by 70% against Dollar [Video]

• Nigerian businesses expect the naira to weaken between now and December, but to strengthen the next year
• Businesses encountered challenges such as high interest rates, insufficient electricity supply, many levies, and others
• According to the data, Nigeria’s annual inflation rate decreased to 33.4% in July, the first slowdown in nearly two years

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

A Central Bank of Nigeria (CBN) study has shown that Nigerian firms anticipate the naira depreciating between now and December but appreciating next year.

According to a report released on the Central Bank of Nigeria‘s website, which is situated in Abuja, 1,600 businesses responded to the survey and indicated that they expected the naira to depreciate in the current month, next month, and next three months but appreciate in the next six months.

The survey was …