Nigerian companies have predicted more naira depreciation this month and in the first three months of 2025, despite their optimism over the macroeconomic climate.
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,
Charles Abuede, a financial analyst, opined that the onus lies on the monetary and fiscal authorities to put in place friendly policies to aid the management of the FX market.
TimesNow.com.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.
Source: TimesNow.com.ng
