Report Predicts Naira Could Weaken to N1,993/$1: Key Insights
A recent report indicates that the Nigerian naira may weaken further, potentially reaching N1,993 to the dollar in the near future. This forecast is driven by several key economic pressures.
The naira has already lost significant value—depreciating by about 70% since mid-2023, a trend exacerbated by the country’s over-reliance on oil exports and a narrowing export base.
The Central Bank of Nigeria’s (CBN) ongoing foreign exchange policies and the fluctuating global oil prices are also contributing factors.
Experts suggest that the persistent demand for dollars, especially for imports, and limited supply in the official markets are causing the naira’s continued slide.
Meanwhile, Nigeria’s inflation remains high, which further strains local businesses and consumers.
Despite these challenges, there are projections that the naira may see some stability if Nigeria can boost non-oil exports and address fiscal issues.
However, the immediate outlook remains concerning, as demand for foreign currency is expected to remain high