Naira depreciates even more amid economic uncertainty

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The Naira has witnessed a downward slide lately, exchanging for between N367 to 370 per dollar and inching towards 500 Naira per pound selling at 478 on Monday.
The continuous downward trend has led to many uncertainties across the financial arena, with many businesses fearing the exchange rates would slide back to 400 as it was the beginning of this year.
The Naira, however, appreciated at the investors’ window closing at N359.58, stronger than N361.13, its opening rate.
Traders at the market expressed the hope that the Naira would remain stable in the days ahead provided government did the needful to hold the stability.
Industry watchers believe that efforts should be directed toward reviving the manufacturing sector in order to boost the Naira’s value adding a liquidity boost by the CBN was necessary to shore up the value of the Naira.

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