MTN ‘expects’ CBN to devalue the naira

MTN group says it expects the Central Bank of Nigeria (CBN) to devalue the naira within the 230 to 240 band.

According to Reuters is reporting, Brett Goschen, speaking through MTN’s chief financial officer, said the company expects a 22-percent devaluation at some point this year.

With the naira currently trading at 197 against the dollar, the Nigerian government has insisted it would not devalue the naira despite depletion of the nation’s foreign reserves.

MTN is not the first corporate entity to forecast the devaluation of the naira, as Diamond Bank did the same in its 2016 business outlook.

“With lower oil prices to persist and its implications on foreign reserves, further naira devaluation of 15 percent minimum is anticipated in 2016 at the official market,” the bank said.

Read More: Thecable

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