Nigerian Firms Have Bleak Short Term Naira Outlook, Survey Shows
- Firms expect local unit to appreciate from January on outlook
- Inflation, insecurity, inadequate power seen limiting business
Along with the weakening currency, firms identified insecurity, high interest rate, insufficient power supply, multiple taxes and corruption as the biggest constraints.
Photographer: Adetona Omokanye/BloombergThis article is for subscribers only.
Nigerian businesses expect the naira to weaken between now and December but it will appreciate next year, according to a survey by the central bank.
The poll of 1,600 firms showed that they expect the naira to “depreciate in the current month, next month and next three months but appreciate in the next six months,” the Abuja-based Central Bank of Nigeria said in a report published on its website. The survey was conducted in the third week of July.