Businesses brace for more naira pain

Nigerian businesses are bracing for further naira depreciation in the coming months, with recovery anticipated only after six months, according to a recent report by the Central Bank of Nigeria (CBN).

The Business Expectations Survey published by the CBN revealed that the firms are pessimistic about the situation of the exchange rate in October, November and the next three months.

“Respondent firms expect the naira to depreciate in the current month, next month and next 3 months. However, they expect an appreciation in the next 6 months,”