Naira's recovery against dollar will begin February 2021, says CBN

Naira's recovery against dollar will begin February 2021, says CBN

- There is strong hope for Nigeria's economy by 2021, despite the scourge of COVID-19

- This is the outlook of the Central Bank of Nigerian (CBN)

- The apex bank specifically said that the naira will recover against the US dollar by Febraury 2021

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Amid the harsh economic effects of COVID-19 in Nigeria, there is hope that the naira will be experiencing a boost against other international currencies.

To be precise, the Central bank of Nigeria (CBN) has projected by February 2021, the naira will appreciate against the United States (US)'s dollar.

The apex bank's outlook for the naira is contained in its Business Expectation Survey, The Nation reports.

Naira's recovery against dollar will begin February 2021, says CBN
The CBN has said that the naira will recover against the dollar by February 2021
Source: UGC

According to the managing director of Financial Derivatives Company Limited, Bismarck Rewane, for the naira rates to converge it will need the adoption of a fully working exchange rate system influenced by the forces of demand and supply.

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Meanwhile, the Nigeria Development Update (NDU) of the World Bank, said that the country's economic recession had been predicted to last for the next three years, that is till 2023.

The global financial body has projected that within this period, almost all Nigerian citizens would witness a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s.

Apart from warning that the absence of measures to mitigate the impact of the crisis can push the number of poor persons by about 15 to 20 million by 2022, the international institution made it known that "food insecurity has increased substantially and economic precarity is on the rise because unemployed workers have migrated to the low-productivity agricultural sector."

In his recent submission, Shubham Chaudhuri, the bank's country head for Nigeria, said that the nation is at a very crucial point, but that this situation can be averted if the federal government sustains its current economic reforms and implement the right policies.

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