With the naira standing below par against the dollar and other foreign currencies, the Monetary Policy Rate, MPR, hike and increasing inflation rates, the nation’s economic outlook for the second quarter looks bleak.
According to the Central Bank of Nigeria, CBN, naira to dollar stands at 460.48 (Selling official rate); however, at the parallel market, the naira is N750 to a Dollar as of Monday.
While the posture of Nigeria’s foreign exchange market has been a source of concern to investors in Nigeria, the hike in the Monetary Policy Rate to 18 per cent from 17.5 per cent last month, an increased inflation rate to 21.91 per cent, portends another stream of worry for business owners and the generality of Nigerians ahead of the second quarter of 2023.
It is no longer news that investors and manufacturers will have a lot of challenges to contend with in Q2 2023. Indeed, investors would pass on the burden of increased energy costs, hike interest rates, and inflation to the…
