The Federal government expects its local currency – the Naira – to weaken further over time even after it showed signs of recovering from a record low on Thursday, the Minister of Finance, Budget and National Planning, Zainab Ahmed has predicted.
The naira gained 0.0367% to 435.84 on the spot market as of 5:30 pm in Lagos on Thursday, after recovering from a record low of N436 to the greenback on Wednesday.
Nigeria’s currency is likely to weaken even further, Minister of Finance Zainab Ahmed, said in an interview from Egypt’s new administrative capital. “It will happen with time,” she said, without giving any timeline.
Ahmed also ruled out Nigeria taking on an International Monetary Fund programme to address the country’s fiscal challenges, which include plummeting revenues and rising debt service costs.
