If predictions are anything to go by, then Nigerians should brace up as Naira exchange rate against the dollar could rise as high as ₦1000.
Economic expert Ganiyu Adebomehin, warns that there is a possibility for the trend of the Naira movement experienced in 2022 to repeat itself in 2023.
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Adebomehin, believes that the Nigerian currency will be unable to withstand the pressure of foreign currency.
According to him, this is due to low liquidity and what looks like devaluation of the currency by the Central Bank of Nigeria.
Naira exchange rate against the dollar fell across all markets on Wednesday, April 5.
FMDQ data shows that the Naira closed at ₦463.75 to a Dollar at the investors and exporters window, a 0.1% depreciation from the previous day’s rate of ₦463.30.
CBN revealed that the Naira closed at ₦460.86 against the Dollar at the interbank market.
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In the Peer-2-Peer (P2P) segment, the Naira depreciated by ₦2 to settle at ₦752 a dollar compared to the previous day’s rate of ₦750.
The parallel market also known as black market saw the Naira lose ₦1 against the dollar, trading at ₦739 a dollar compared to the previous day’s rate of ₦738.
