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Naira may not fall below 475 experts say

Economic and financial experts have said that the naira may not fall below 475 against the United States dollar between now and the end of December.

This prediction was based on the declining dollar demand and efforts being made by the Central Bank of Nigeria to boost supply of foreign exchange.

The experts spoke in separate interviews on the outlook of the naira.

“It appears the exchange rate has got to the peak, which is something around 470/dollar. I think the naira may not go beyond 475/dollar between now and end of December,” Kunle Ezun,a currency strategist at Ecobank Nigeria said.

He added that holidaymakers returning to Nigeria for Christmas would also make dollar supply to increase.

The Chief Executive Officer, Cowry Asset Management Limited, Johnson Chukwu, explained that due to declining economic activities, demand for forex was gradually reducing.

This, coupled with efforts being made by the regulator to boost forex supply, will make the naira-dollar exchange rates to remain around the 470 mark in the coming weeks, according to him.

Source:  Punch

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