Thursday, July 29, 2021

Firms expect further Naira Depreciation, Dollar Sells For N440



Business organisations in the country expect the naira to depreciate further in the next few months, a report by the Central Bank of Nigeria has said.

The dollar on Thursday sold for N440 in the parallel market, as Bureau de Change operators were still awaiting CBN’s resumption of foreign exchange sale to them.

The CBN’s May 2020 Business Expectation Survey Report said, Respondent firms expect the naira to depreciate in the current month, next month, next two months and appreciate in the next six months.

Highlights of the survey outcome showed that respondent firms expressed pessimism on the macro economy.

The report also showed that respondents’ outlook on the volume of total order, credit access, average capacity utilisation and financial conditions (working capital) were negative for May.