Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021.
The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months.
The naira witnessed a sharp fall in recent weeks, reaching its lowest on November thirtieth 2020, when it exchanged for five hundred naira to one dollar.
Since then, the dollar has been hovering between four hundred and sixty and four hundred and seventy naira.
Last Friday, one dollar exchanged for four hundred and sixty-five naira in the parallel market.
Also, the Nigerian economy had on November twenty-first slid into its second recession in five years when the economy shrank again in the third quarter.
The recession is said to be the worst in thirty-six years, according to the World Bank.
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