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Afrinvest forecasts Naira devaluation in Q2, 2020

The Group Managing Director of Afrinvest West Africa Limited, Mr. Ike Chioke, has predicted Naira devaluation in the second half of the year unless there…

The Group Managing Director of Afrinvest West Africa Limited, Mr. Ike Chioke, has predicted Naira devaluation in the second half of the year unless there is a drastic increase in oil prices.

Chioke made the projection in Lagos at the weekend during the launch of Afrinvest Economic and Financial Markets 2020 Outlook.

Corroborating the GMD’s views on the prospect of the national currency devaluation, the Head Research of the company, Mr. Abiodun Keripe, said: “We have seen weakness in our current account basically. For the first time since 2015, we have seen 3 quarters of consecutive weakness in the current account balance which is a sort of precursor to what you would expect around exchange rate stability.

“Also with the slow accretion in terms of capital inflows into the economy doesn’t tell a good story for Nigeria and the economy.

“Looking forward into the rest of the year, there is a potential risk for us to see in increasing pressure around the currency and this is because of the negative current account balances we have sustained in the first three quarters of 2019 which is worrisome. We would probably begin to face this pressure towards the second half of 2020”, the researcher added.

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