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.
A dollar squeeze continues to weigh on the naira even after the Central Bank of Nigeria was forced to weaken its official rate twice last year after a sharp drop in the price of oil, the country’s main export and source of greenbacks…
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