Naira’s Recovery Against Dollar Will Begin February 2021 – CBN
Amid the harsh economic effects of COVID-19 in Nigeria, there is hope that the naira will be experiencing a boost against other international currencies.
To be precise, the Central bank of Nigeria (CBN) has projected by February 2021, the naira will appreciate against the United States (US)’s dollar.
The apex bank’s outlook for the naira is contained in its Business Expectation Survey, The Nation reports.
According to the managing director of Financial Derivatives Company Limited, Bismarck Rewane, for the naira rates to converge it will need the adoption of a fully working exchange rate system influenced by the forces of demand and supply.