The Head of Research and Economic Analysis at FXTM, Lukman Otunuga stated that the Naira is likely to decline due to the dollar shortage adding that it is expected to affect the Nigerian economy negatively, Punchreports.
Otunuga stated that with Nigeria in a recession the Naira is expected to further to decline with foreign investors flocking to safer assets.
He added that the challenge for the immediate economic future of the country would be for the Buhari administration to weather the storm with the hope that the depreciating Naira attracted foreign investors in the near future.
Otunuga said that the Federal Government had already implemented the different options to stimulate growth in the economy by diversifying with efforts to revitalise agriculture, fix infrastructure and expand taxation.
