Analysts predict $4.2bn drop in remittances from UK-based Nigerians

cbn, Central Bank of Nigeria

Expectations in some quarters that the Central Bank of Nigeria (CBN) will be able to sustain its current defense of the naira with increased forex inflows may not be realised as analysts at Financial Derivatives Company Limited (FDC) are predicting a $4.2 billion drop in Nigerian Diaspora remittances from the United Kingdom. The analysts made the forecast in the firm’s April presentation at the Lagos Business School (LBS) obtained by New Telegraph.Specifically, the experts said: “The British Pound lost 14 per cent of its value since Brexit… The UK is…

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