Nigerian businesses expect the naira to weaken between now and December, but to strengthen the next year Businesses encountered challenges such as high interest rates, insufficient electricity supply, many levies, and others According to the data, Nigeria’s annual inflation rate decreased to 33.4% in July, the first slowdown in nearly two months

According to a report released on the Central Bank of Nigeria’s website, which is situated in Abuja, 1,600 businesses responded to the survey and indicated that they expected the naira to depreciate in the current month, next month, and next three months but appreciate in the next six month-

2023, when it was granted wider trading freedom in an attempt to regain investor trust in the economy, the value of the local currency relative to the US dollar has decreased by almost 70%. Currency depreciation affects companies Due to the currency’s depreciation, BusinessDay reported that a number of companies with dollar-denominated debt, notably MTN Group Ltd., the largest mobile provider in Nigeria, experienced losses as those debts surged in naira terms. Every month, the Business Expectations Survey evaluates top Nigerian companies in a variety of industries, such as manufacturing, construction, energy, and services.

In 2023, when it was granted wider trading freedom in an attempt to regain investor trust in the economy, the value of the local currency relative to the US dollar has decreased by almost 70%. Currency depreciation affects companies Due to the currency’s depreciation, BusinessDay reported that a number of companies with dollar-denominated debt, notably MTN Group Ltd., the largest mobile provider in Nigeria, experienced losses as those debts surged in naira terms. Every month, the Business Expectations Survey evaluates top Nigerian companies in a variety of industries, such as manufacturing, construction, energy, and services

The largest challenges the businesses faced while operating in the most populous country in Africa were not only the declining value of the currency but also the high interest rates, inadequate power supply, numerous taxes, and corruption.

The nation’s annual inflation decelerated for the first time in almost two years to 33.4% in July, data released showed. CBN records highest amount of dollars Legit.ng reported that the Central Bank of Nigeria (CBN) has announced a notable surge in remittance inflows, which climbed to $553 million in July 2024, marking a 130% increase compared to the same period in 2023. This was disclosed in a statement by the Acting Director of Corporate Communications, Hakama Sidi Ali.

According to Ali, the figure represents the highest monthly inflow on record and underscores the CBN’s ongoing efforts to boost liquidity in Nigeria’s foreign exchange market.