The woes betiding the naira have not abated as the Nigerian currency depreciated against the dollar by 1.9 per cent to close at N185 at the interbank forex market on Monday, which was the first trading session of 2015.
The naira had closed 2014 as the third worst performing currency in Africa in 2014 against a range of fairly liquid currencies.
President Goodluck Jonathan, while delivering his New Year message, had said that the federal government would this year continue to ensure stability in the value of the naira by striving to take away speculative behaviours that cause market exchange pressures.
Analysts have predicted that Nigeria’ currency could possibly fall to N200 to a dollar at the parallel market this year, as oil prices fell by over 50 per cent last year and seem to continue its downward slide.
The Nigerian macroeconomic environment is also expected to continue to be vulnerable to exogenous shocks in 2015 as a result oil prices and international capital flows which will dominate the Nigerian macroeconomic equation.