Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,447,168 members, 5,512,229 topics. Date: Monday, 06 April 2020 at 03:47 AM

Analysts Predict Naira Devaluation To N400/$ - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Analysts Predict Naira Devaluation To N400/$ (27056 Views)

Dollar Drops Below N400/$ For First Time In Seven Months / How Naira Went From N525/$1 To N400/$1 In 3 Days / Egypt Devaluation To Test CBN Resolve On Naira (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Analysts Predict Naira Devaluation To N400/$ by SanusiGworo: 12:44pm On Feb 27
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

1 Like 1 Share

Re: Analysts Predict Naira Devaluation To N400/$ by SanusiGworo: 12:46pm On Feb 27
A wise man once said:
"When Dullards govern, the poor suffers"

161 Likes 12 Shares

Re: Analysts Predict Naira Devaluation To N400/$ by oz4real83(m): 12:47pm On Feb 27
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.

96 Likes 8 Shares

Re: Analysts Predict Naira Devaluation To N400/$ by AdaoraNK(f): 1:00pm On Feb 27
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.

52 Likes 7 Shares

Re: Analysts Predict Naira Devaluation To N400/$ by AgentNairaland(f): 1:01pm On Feb 27
Yahoo Boys Right Now

151 Likes 13 Shares

Re: Analysts Predict Naira Devaluation To N400/$ by SanusiGworo: 1:05pm On Feb 27
Bunch of economy novices running a multi million dollar economy.

Check the facts below.

117 Likes 7 Shares

Re: Analysts Predict Naira Devaluation To N400/$ by miteolu(m): 1:07pm On Feb 27
Corona economy

6 Likes 1 Share

Re: Analysts Predict Naira Devaluation To N400/$ by GamalNasser: 1:17pm On Feb 27
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

105 Likes 14 Shares

Re: Analysts Predict Naira Devaluation To N400/$ by GamalNasser: 1:18pm On Feb 27
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

8 Likes 1 Share

Re: Analysts Predict Naira Devaluation To N400/$ by NigeriaIsDoomed: 1:33pm On Feb 27
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! grin
Foreign Direct Investment is now zero cuz no sane investor will invest in a zoo.
Buhari is the best president Nigeria has ever had grin
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, ipobs, Shiite group, Niger delta avengers, robbers, yahoo yahoo legislootors and quota system Fulani led judiciary.
The zoo is really going down.
grin grin

67 Likes 7 Shares

Re: Analysts Predict Naira Devaluation To N400/$ by SlimBrawnie(f): 3:44pm On Feb 27
I heard it will get weaker... Next will be the process of changing of the currency.

3 Likes 1 Share

Re: Analysts Predict Naira Devaluation To N400/$ by QuickStandard: 3:44pm On Feb 27
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.

5 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by Yankee101: 3:44pm On Feb 27
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

3 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by Nobody: 3:44pm On Feb 27
I also predict that the said analysts Brain and sense will be devalued from 55% to 15.5 grin


Let's see which one will come to pass?? grin
Re: Analysts Predict Naira Devaluation To N400/$ by Yankiss(m): 3:44pm On Feb 27
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.

14 Likes 2 Shares

Re: Analysts Predict Naira Devaluation To N400/$ by AmazingELixir: 3:45pm On Feb 27
grin grin grin


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

3 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by Kingpele(m): 3:45pm On Feb 27
I reject it in Jesus name

3 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by SoNature(m): 3:45pm On Feb 27
I don hammer oh!

They should make it #500 grin

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!

24 Likes 1 Share

Re: Analysts Predict Naira Devaluation To N400/$ by salbis(m): 3:45pm On Feb 27
My hustle is paying gradually, i must save to leave this country by God's grace.

8 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by Lovelies1: 3:46pm On Feb 27
Lands don't depreciate buy your affordable land at cheaper price it appreciate

3 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by evergreen9: 3:46pm On Feb 27
lol
Re: Analysts Predict Naira Devaluation To N400/$ by hoygift(m): 3:46pm On Feb 27
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. grin grin

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

9 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by JeffreyLiaison(m): 3:46pm On Feb 27
All those next level idiots, where are you now

1 Like

Re: Analysts Predict Naira Devaluation To N400/$ by YorubaKinging: 3:46pm On Feb 27
By 2023 you'll know what's up

2 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by femi4: 3:47pm On Feb 27
Kini big deal, we ll survive it
Re: Analysts Predict Naira Devaluation To N400/$ by proclinician: 3:47pm On Feb 27
Lol good news. Content kontroller don blow. Hehehe.

8 Likes

Re: Analysts Predict Naira Devaluation To N400/$ by dallyemmy: 3:47pm On Feb 27
They promised to diversify the economy from crude oil embarassed

1 Like

Re: Analysts Predict Naira Devaluation To N400/$ by Kingpele(m): 3:47pm On Feb 27
[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! grin
Foreign Direct Investment is now zero cuz no sane investor will invest in a zoo.
Buhari is the best president Nigeria has ever had grin
[/ 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
Re: Analysts Predict Naira Devaluation To N400/$ by anonym0us: 3:48pm On Feb 27
wink I can't wait
Re: Analysts Predict Naira Devaluation To N400/$ by Dbiz1111(m): 3:48pm On Feb 27
Oboy it seems Buhari is for G boys oh. No be make person go start learn work? . Wetin the Yahooate sef

5 Likes

(1) (2) (3) (4) (5) (6) (Reply)

Fear Over MPC Outcome Fuels Naira Appreciation / Foreign Payments With Naira ATM Cards Suspended By Zenith Bank / Ecrestglobal E-currency Exchange Customer Support

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 70
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.