Nigeria Seen Devaluing Naira by as Much as 10% in 2021, Survey Shows
- Analysts expect steep markdown as pressure lingers, poll shows
- Median estimate sees naira at 426.5 per dollar by year-end
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Nigeria’s central bank will probably devalue the naira by as much as 10% this year amid a lingering dollar shortage in Africa’s top oil producer, according to a Bloomberg survey of investors and analysts.
Of the 17 survey participants, eight forecast a devaluation of between 5% and 10% this year. Five saw a devaluation of more than 10% and the remaining four predicted a markdown of as much as 5%. The median of analysts’ estimates project the naira at 426.5 per dollar by the end of 2021, from around 393 on Wednesday.