{"id":109877,"date":"2024-01-01T09:24:28","date_gmt":"2024-01-01T08:24:28","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=109877"},"modified":"2024-01-01T09:24:28","modified_gmt":"2024-01-01T08:24:28","slug":"bloomberg-nairall-record-worst-year-in-2024","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/bloomberg-nairall-record-worst-year-in-2024\/","title":{"rendered":"Bloomberg: Naira\u2019ll record worst year in 2024\u00a0"},"content":{"rendered":"<div id=\"m#msg-f:1786736621918851662\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">A United States-based media organisation, Bloomberg, has predicted that Nigeria\u2019s currency, naira, will suffer further depreciation in 2024.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\nBloomberg said the naira is poised for its worst year since the return to democracy in 1999, adding that Nigeria\u2019s currency is the third worst-performing currency in the world.<\/p>\n<p>The financial media organisation said this in a report on Friday, December 29, 2023.<\/p>\n<p>It said the naira fell 55 per cent in 2023 to N1,043 per dollar as of Thursday, December 28, making it the world\u2019s worst performer after the Lebanese pound and the Argentine peso among 151 currencies tracked by the media organisation.<\/p>\n<p>Bloomberg added: \u201cAnd that\u2019s in the official market. On the streets, the currency trades at 1,208 naira per dollar.<\/p>\n<p>\u201cForeign reserves in Africa\u2019s biggest crude producer are at the lowest in six years with most of them encumbered by overdue short-term overseas obligations.<\/p>\n<p>\u201cUnless President Bola Tinubu\u2019s government lures international investors or ramps up oil output, the naira may slip further, according to Vetiva Capital Management Ltd.\u201d<\/p>\n<p>In the non-deliverable forwards market, Bloomberg said the naira\u2019s 12-month contract is trading near a record low of N1,294.44 to the dollar.<\/p>\n<p>\u201cIt\u2019s clear that further devaluation \u2013 alongside tighter monetary policy \u2013 is needed to reduce imbalances in the FX market,\u201d it quoted a senior economist at Tellimer Ltd, Patrick Curran, as saying.<\/p>\n<p>The media firm noted that the depreciation began after the Central Bank of Nigeria (CBN) allowed the naira to trade more freely in June and President Tinubu scrapped petrol subsidy.<\/p>\n<p>Bloomberg said the naira depreciation and the removal of petrol subsidy fueled inflation, which is at 28.2 per cent, while the benchmark interest rate is at 18.75 per cent.<\/p>\n<p>\u201cThe negative real interest rate has dissuaded overseas investors,\u201d it added.<\/p>\n<p>According to Bloomberg, a significant rise in external reserves, material increase in foreign exchange inflows, and reduction in money supply will be positive for the naira.<\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>A United States-based media organisation, Bloomberg, has predicted that Nigeria\u2019s currency, naira, will suffer further depreciation in 2024. Bloomberg said the naira is poised for its worst year since the&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":100782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-109877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bloomberg: Naira\u2019ll record worst year in 2024\u00a0 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/other-news\/bloomberg-nairall-record-worst-year-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bloomberg: Naira\u2019ll record worst year in 2024\u00a0 - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"A United States-based media organisation, Bloomberg, has predicted that Nigeria\u2019s currency, naira, will suffer further depreciation in 2024. 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