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Naira forecast to recede further against Dollar - CAJ

FEBRUARY 10, 2017 From OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – THE Naira is projected to close the year at 375 to the
United States despite some recovery in the oil price and subsequent rise
in foreign exchange reserves.
It is forecast to drop from current levels of just over 300.
Nigeria’s foreign exchange reserves have risen by 1,4 percent to US$28 billion between January 26 and February 2, bringing the cumulative increase for the year to 8,9 percent.
The rise is largely on account of oil prices that have surged by 20 percent since the beginning of December.
Rand Merchant Bank said the continued increase in reserves would “very likely” strengthen the Central Bank of Nigeria’s ability to intervene more actively in the interban.
“However, we expect the CBN to eventually allow to the naira to trade more
freely this year and therefore expect the naira to close 2017 at USD/NGN375,” RMB projected.
The Naira has struggled against major currencies as the US$, linked to the
decline in the oil prices globally.
The central bank has resisted pressure to devalue.
– CAJ News

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