Central Bank of Nigeria (CBN) says the naira will begin recovery against the dollar and other global currencies from February 2021.
This is contained in the latest CBN Business Expectation Survey released by its Statistics Department.
The survey respondent firms, however, envisages higher interest rates from January, March till June 2021.
According to the report, the respondent firms said although 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.
RN