- A global service company, PwC has predicted a fall in the value of naira to dollar in its latest reports
- The PWC reports also predicted inflation in the economy, adding that naira may likely crash to N415/$1 at forex
- Among other factors, the global group ascribes the value crash to political instability that may follow the 2019 elections
A new report by a multi professional service network, Price waterhouse Coopers, popularly known as PwC has predicted that the Nigerian currency may suffer a drop in value between the range of N390 to N415 to a dollar by 2019.
While predicting that an unpredictable change in the oil market may crash the value of naira to dollar at the foreign exchange floor, PwC, in its report titled ''Nigeria Economic Outlook Top 10 themes for 2019'' disclosed that foreign market may be stable depending on the global oil value.
According to the report, the foreign reserves may also suffer a deplete in 2019 as a result of elections, adding that petrol price may be re-adjusted from N145 per litre based on continuation of fuel subsidy or full deregulation, The Independent reports.
Predicting inflation on Nigeria's economy, PwC further reported uncertainties around population figures and growth, while also forecasting Nigeria’s population to stand at 206 million by 2020
Meanwhile, PwC also highlighted key risks to foreign investment as declining interest rate, political instability following the 2019 elections, unfavourable investment climate, and broad macroeconomic instability.
Meanwhile, Legit.ng had previously reported that the Nigerian Naira on Monday, July 16,
According to findings, the local currency maintained the same rates of N360 against dollar, N480 to Pound as it was Tuesday, July 17, but slipped against Euro to N420. The naira had remained stable across the foreign exchange market due to the intervention of the CBN.
Can 1 Naira ever become 1 US dollar again on the Forex market? - on