Naira may hit N1000 to $1 – Henry Boyo

Forum 7 years ago

Naira may hit N1000 to $1 – Henry Boyo

An economic expert, Mr. Henry Boyo, has predicted that the naira will hit 1000/dollar on the parallel market in 2017 if the Central Bank of Nigeria, CBN, fails to review its monetary policy framework immediately.

The expert gave the warning as the nation’s currency plummeted to N516 to the greenback on Thursday.

Reuters quoted Boyo as lamenting that the current monetary policy framework adopted by the CBN was skewed against the naira.

Other experts including the CEO of Afrinvest, a local research and investment advisory firm, Mr. Ike Chioke, say the naira would depreciate further against the dollar this year unless the CBN reformed the currency market.

Also speaking, the Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, said the local currency would hit 520/dollar this year on the parallel market and touch 350/dollar at the official market.

Analysts have predicted that the naira will face fresh pressure on the parallel market next week with dollar supply falling short of demand by persons seeking currency to pay school fees abroad as the CBN continues to ration forex for businesses.

Recall that yesterday, the federal government and state governors told the CBN Governor, Godwin Emefiele, during the National Economic Council, NEC, meeting to sit up and find solution to the alarming foreign exhange rate.

The meeting was presided over by Acting President, Yemi Osinbajo, SAN.