Nigerian currency

[FunkE]

What are the forecast for the naira this 2021, considering investing in alternate currency like the dollar and co. Do you think it will continue its free fall of last year or it will rise this year?

 

[Adebayonle7]

I don't see any rise in naira. Who does trading or investment with naira these days. The only improvement or rise in naira this year and in coming days will be the day-to-day market exchange or distribution of the naira note by men and women who owns small businesses and do their daily buying and selling. The wealthy people now rather invest and save their money in crypto currencies and invest in valuable currencies. I will be shocked if anyone invests in naira.

 

[Bazikd]

I don't see the Nigerian naira rising any time soon because the government policy is not helping the naira, so there for it's better to buy foreign currencies in terms of online investment and store up.

 

[kayode10]

The currency my likely to eat 520 in exchange for a dollar before the Year ends. There are many reason for this free fall.

The government of the day are continue to borrow from the following countries to finance some of their expenditures which is very wrong.

The internal debt by the government to is very high and keep mounting by the days. Virtually all things being used in the country are produced elsewhere. The economy is not well diversified.

Also there may be a glut in the crude oil market and this may cause the price of Barry to plummet and this will affect the economy of the country in a negative way.

 

[Riniyke]

I don't think Naira will rise this 2021 not because of Central Bank of Nigeria but it government, I am not trying to be bias but the government are not helping in the rise of Nigeria they rather reduce the level

 

[MarieArie]

Naira, monetary unit of Nigeria. The naira is divided into 100 kobo. The naira was introduced in 1973, when the country decimalized its monetary system and substituted the naira for the Nigerian pound), which was divided into shillings. The Central Bank of Nigeria has the sole authority to issue banknotes and coins.

 

[CeeJase]

There's second wave of the pandemic roaming and there's no signs that points out to the raise in naira. It actually going to lose more value over the couple of months. The inflation is the highest recorded and there's no positive sign regarding to naira value yet.

 

[Nabeel119]

The Naira is the currency of Nigeria. It is subdivided into 100 kobo. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. Its currency is very low and it is weak currency.

 

[Oliver 20]

Nigeria's cash esteem has been in transition for pretty much forty years, so I know not of this standard you talk about. Enhancing the Naira is truly conceivable yet is multi-faceted as following one way will lead us back to our present issue which is our weighty dependence on oil. The Naira's most recent 'swan plunge' started when the cost of unrefined petroleum dropped around the planet and hence the estimation of the thingy that ruined the harvests in the Niger delta was diminished.

 

[Yewande]

The currency my likely to eat 520 in exchange for a dollar before the Year ends. There are many reason for this free fall.

The government of the day are continue to borrow from the following countries to finance some of their expenditures which is very wrong.

The internal debt by the government to is very high and keep mounting by the days. Virtually all things being used in the country are produced elsewhere. The economy is not well diversified.

Also there may be a glut in the crude oil market and this may cause the price of Barry to plummet and this will affect the economy of the country in a negative way.

I'm totally with you on this. The country is not taking positive step in trying to fix this. Instead the government keep putting us into bigger debt and dragging our economy to the mud on a daily basis. Little internal revenue been generated when compared to what we borrow

 

[Ayokex]

Nigerian currency (Naira) is one of the most unstable currencies in the world. Over a long period of time the currency has been suffering a serious free fall to the extent that the value is reduced to more half of it's worth. What else can Nigerians expect that to sit down watch as currency keep sinking with no one to rescue it. The most amazing thing about it if the currency gains an upward movement of 2% today, in the next two weeks it will suffer a decline of 15%.

 

[Folaham]

Without fixing the issue of rising insecurities all over the country, attracting big investors will be hard to come by and if we can't attract direct foreign investment, there is no way the naira won't fall further.
With the change of all the service chiefs this week, we hope to have a redirection and a redefined approach to tackling insurgency and all other forms of insecurities and if things improves, we might hope to attract foreign investors and hopefully naira if not gaining over dollar should not fall too further below

 

[Dubai]

What are the forecast for the naira this 2021, considering investing in alternate currency like the dollar and co. Do you think it will continue its free fall of last year or it will rise this year?

The Nigerian currency like other global legal tender will experience fluctuations. However, I think it is likely to be stronger when compared to the dollar this year. It the production of crude oil increases and the barrel exported per day goes up, then naira will become stronger. This is likely to happen if the covid-19 pandemic falls drastically.

 

[Greatguy1]

The Naira does not obey any forecast. It will fall as usual considering we are not serious about export driven economy. We consume everything we barely produce. The Naira could get up to a thousand to a dollar if dull policies are released by the government.

 

[Seun4luv]

The Naira (sign: ₦; code: NGN) is the currency of Nigeria. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigeria Federation. It controls the volume of money supplied in the economy in order to ensure monetary and price stability.

 

[adazeez1995]

Goldman Sachs has said the Nigerian naira is going to 600 naira per dollar, if care is not taken, it might get to 750. And the act of pumping artificial dollars into the economy by the central bank won't save the country. This and other wrong policies should be reversed because they will continue to affect their economy negatively.

Post automatically merged: Jan 30, 2021

Goldman Sachs has said the Nigerian naira is going to 600 naira per dollar, if care is not taken, it might get to 750. And the act of pumping artificial dollars into the economy by the central bank won't save the country. This and other wrong policies should be reversed because they will continue to affect their economy negatively.

 

[Eodine]

Looking at the budget for 2021, there isn't much for external reserve which is already on the deficit so the Nigerian currency might just keep deflating or remain in its value, it's possible it increases though

 

[Jomarie05]

I don't see the Nigerian naira rising any time soon because the government policy is not helping the naira, so there for it's better to buy foreign currencies in terms of online investment and store up.

 

[Sanusi]

I don't really know what will happen to other currency but Nigeria currency Will begin to fall due to the fact that improvement has not being made by the central bank of Nigeria so i don't see Nigeria currency rise.

 

[Sheun450]

In due time i don't see Nigeria currency rise any time soon because our government don't understand anything about economy at all they are just doing everything the way they like without a good plan to make Nigeria currency rise