The Nigerian Naira could drop within the range of N390 to N415 to a US dollar by the end of 2019, PwC predicts.
In its report released on Monday, February 18, 2018, titled, ‘Nigeria Economic Outlook Top 10 themes for 2019’ and made available to Business Insider SSA by Pulse, PwC states that volatility in the oil market may depreciate the Naira.
The global consultancy firm, however, said the forex market will remain largely stable this year depending on the global crude oil price.
According to the report, the price of petrol in one of Africa’s biggest oil producers may be re-adjusted from N145 per litre based on two highlighted scenarios – continuation of fuel subsidy or full deregulation.
Former Vice President and candidate of the Peoples Democratic Party (PDP) Atiku Abubakar has promised to sell 90% of the country’s state-owned oil firm (NNPC) and deregulate the oil market by removing fuel subsidy. A move away from incumbent President Muhammadu Buhari‘s stance.