It will soon be $1 to #400

The naira has been tipped to depreciate by between 10 and 20 per cent next year as the impact of falling crude oil prices and foreign exchange reserves persist.

Local and foreign analysts predicted that a decline by 10 per cent would take the naira to about N400 to dollar, while a 20 per cent drop would see it at around N450 to dollar.

According to Bloomberg survey of investors, the local currency may be marked down by up to 20 per cent in 2021.

According to the survey, the drop in foreign reserves and lower oil prices will probably force the Central Bank of Nigeria (CBN) to devalue the naira, seen as one of the world’s most stable currencies by next year.

The continued stability of the naira against the dollar has continued to spark speculations, with many analysts predicting that the local currency will sooner or later be devalued.

The Bloomberg survey of investors and analysts, showed that 10 out of 19 respondents expect the naira to be weakened next year, while five predict a mark-down as early as the second half of this year.

The remainder believe the CBN will keep a firm grip on the currency until 2022 or 2023.

The CBN has instituted several policies to defend the naira, including restricting importers’ access to dollars and stepping up the sale of high-yielding debt to attract inflows from portfolio investors.

The CBN has also backed the government’s closure of some land borders, designed to stop smuggling of food and other foreign goods.

Most respondents say Nigeria cannot keep defending and sustaining naira’s stability beyond 2021.

All but four of the survey participants said the naira is more than 10 per cent overvalued against the dollar. Two respondents said it was at least 20 per cent too strong.

The currency has traded around 360 to 365 per dollar since its last devaluation in 2017. While the CBN says the exchange rate is determined by the market, it is much less volatile than other oil currencies such as the Russian ruble and Kazakh tenge.

The respondents were evenly split on the size of the devaluation, with nine predicting the naira will drop 10 per cent or less and the same number saying it would be marked down by 10 per cent to 20 per cent. Only one forecasted a fall of more than 20 per cent.

Most survey participants, who included money managers, analysts and economists based in Nigeria and abroad, asked for their answers to remain anonymous.

https://thenationonlineng.net/analysts-predict-naira-devaluation-to-n400/amp/?__twitter_impression=true

A wise man once said:
"When Dullards govern, the poor suffers"

We don't need a soothsayer to tell us this. Increased Vat, increased minimum wage, high cost of production, poor electricity supply are some factors that breed inflation which in turn manifests in low currency value.

Its not as if I'm wishing doom for the country but the rise to 450 naira will benefit some people.

Even if it goes down to 250 naira, the prices of goods never come down.

Yahoo Boys Right Now

Bunch of economy novices running a multi million dollar economy.

Check the facts below.
www.nairaland.com/attachments/11111944_screenshot20200226105918twitter_jpeg6c96ef82c164ae3aa22d75356c7b4bd4

Corona economy

Nigeria just lost not 8 years but 30 years worth of progress to the ineptitude of the very failed and hyper incompetent Buhari who has absolutely nothing offer than his state sponsored 3 prong Jihad war and the empowerment poverty .... Yesterday Dangote released it profit and loss reports which shows Dangotes profits down by 50 percent and exports down by 41 percent due to self harming Buhari border closure

AdaoraNK:
Its not as if I'm wishing doom for the country but the rise to 450 naira will benefit some people.

Even if it goes down to 250 naira, the prices of goods never come down.

Benefit people that earn in dollars outside the country not those that earn in the useless Naira

Nice one if I may say. Buhari came back to destroy the zoo completely. The dullard is doing well. Una go get sense by force!
Foreign Direct Investment is now zero cuz no sane investor will invest in a zoo.
Buhari is the best president Nigeria has ever had
I heard that the zoo country is planning to use Niger Delta oil money to create an agency for boko haram.
Las las dey devil is a Nigerian.
Una go wise by force I swear!
Herdsmen, kidnappers, bandits, terrorists in the goverent, Igbos, Shiite group, Niger delta avengers, robbers, yahoo yahoo legislootors and quota system Fulani led judiciary.
The zoo is really going down.

I heard it will get weaker... Next will be the process of changing of the currency.

hmmmmmmmmm
of what essence really?
even our current currency has zero value. what happens when it is further devalued?

I haven't forgotten when Bubu said he would make one Naira equal one Dollar

We Buy used inverter Batteries.

Thunder fire them

I can quickly build a house in naija with cheap xhge rate. But the people's welfare is most important than my short term benefit

I also predict that the said analysts Brain and sense will be devalued from 55% to 15.5


Let's see which one will come to pass??

Nigeria doesn't need further currency downturn. It will destroy a lot more. Buhari and his economic-illiterates should leave Nigeria alone. Our country deserves progress.

This can't be news, solong as the herdsman is in control thing can only spiral uncontrollably downward...such is his mission decimate and render hopeless

I reject it in Jesus name

I don hammer oh!

They should make it #500

When we pleaded with the Buhari fanatics not to vote for the dullard, they said their minds were made up.

Buhari is a blessing in disguise.

Freelancing is bae!

My hustle is paying gradually, i must save to leave this country by God's grace.

Lands don't depreciate buy your affordable land at cheaper price it appreciate

lol

Anyhow they want to do it na them Sabi, me self I'm used to calculating my money in dollars, give me 5k actually I go the reason am $13 so that when I finish 5000 in a day, I won't count it as lavishing my money.

Anything you need concerning social media, quora, Reddit, IG, Twitter etc message o7o69636946 on WhatsApp

All those next level idiots, where are you now

By 2023 you'll know what's up

Kini big deal, we ll survive it

Lol good news. Content kontroller don blow. Hehehe.

They promised to diversify the economy from crude oil

[quote author=NigeriaIsDoomed post=87000516]Nice one if I may say. Buhari came back to destroy the zoo completely. The dullard is doing well. Una go get sense by force!
Foreign Direct Investment is now zero cuz no sane investor will invest in a zoo.
Buhari is the best president Nigeria has ever had
[/ your moniker have given u away, Nigeria is doomed well you alone is doomed my country will recover from this problems we have here with time

I can't wait

Oboy it seems Buhari is for G boys oh. No be make person go start learn work? . Wetin the Yahooate sef