Revealed! CBN shares Naira expectation in 6 months

• More naira depreciation is expected this month and in the first three months of 2025, according to Nigerian companies
• A CBN survey revealed that companies in Nigeria have an pessimistic view on the amount of operations
• The opinions of respondents from all industries are what fuel the optimism about the business prospects for this month

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Nigerian companies have predicted more naira depreciation this month and in the first three months of 2025, despite their optimism over the macroeconomic climate.

The construction sector expressed optimism on own operations in the review month. Photo Credit: CBN
Source: Getty Images

This was revealed by the Central Bank of Nigeria in its November 2024 Business Expectation Survey Report.

However, the survey pointed out that businesses had a negative perspective on the volume of business operations, financial conditions, credit availability, total order volume, and average capacity utilization.

It stated,

“The overall confidence index (CI) on the macroeconomy indicated that businesses were optimistic in November 2024.“Businesses expect the Naira to depreciate in the current month, next month and next 3 months but appreciate in the next 6 months. The optimism on business outlook in the current month is driven by the opinion of respondents from all the sectors.“The Construction Sector expressed optimism on own operations in the review month. “The outlook of respondents on the volume of business activities, the volume of total order, financial conditions, and access to credit were negative in the review month. volume of business activity respondents expressed optimism on volume of business activity for the next month and subsequent periods under review.”

CBN announces new dollar inflow into Nigeria

Legit.ng reported that the Central Bank of Nigeria (CBN) reports that between January and October, diaspora remittances through International Money Transfer Operators (IMTOs) totaled $4.22 billion, above the $2.62 billion recorded during the same period the year before.

CBN Governor Olayemi Cardoso made this statement during a meeting with the Senate Committee on Banking, Insurance, and Other Financial Institutions on Wednesday, December 18, 2024.

Over a 12-month period, the remittance growth amounted to around 61.1%, according to the head of the apex bank.

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Source: Legit.ng