28 Dec CBN Survey shows Naira recovery will begin in February 2021
The Central Bank of Nigeria (CBN) has projected in its Business Expectation Survey that the naira will begin recovery against the dollar and other global currencies from February 2021.
The survey respondent firms, however, envisage higher interest rates from January, March till June 2021.
According to the report, the respondent firms said although the naira has for several months depreciated against the dollar, the local currency appreciation against the greenback will start from February 2021 till July same year.
The naira was a month ago exchanging at N500/$ at the parallel market before it appreciated to N465/$ at the weekend. The local currency has, however, remained stable at N379/$ on the CBN’s official rate, a check at the apex bank’s website showed.
The December 2020 Business Expectations Survey was conducted online from December 7 to 11, 2020 with a sample size of 1,050 businesses nationwide.
A response rate of 91.3 per cent was achieved and the sample covered agriculture/services, manufacturing, wholesale/retail trade, and construction sectors. The respondents were made up of small, medium, and large corporations covering both import-oriented and export-oriented businesses.
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