Official exchange rate may hit N430/$ – Report

The nation’s official exchange rate may fall to N430 to the dollar by the end of 2020, United Capital Plc, a pan-African investment banking and financial services group, said on Tuesday.

The firm, in its economic forecast for the second half of the year analysed the state of the Nigerian economy and outlined future projections informed by domestic and global events.

It said, on the exchange rate, they believe the odds are in favour of a further naira adjustment, which may take the official rate N410/$ to N430/$ by year-end.

It said what could have been a flourishing year for the Nigerian economy was caught in the web of a global public health crisis, which grounded domestic and external economic activities.

The report noted that domestic economic growth in the first quarter of 2020 slowed to 1.87 per cent

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