Nigerian Naira Rate Predictions For 2023
Nigeria is a very interesting country in Africa. It has a 225 million population as of 2022. This is more than some major countries in the world.
They banned crypto in 2021 and are going to recognize it once again. But how will its currency look in 2023?
What can we anticipate in this global economic and geopolitical situation? We will discuss all the possible trends below. Since this article refers to predictions in forex trends some readers could take it as financial advice but don’t make that mistake dear traders, this article is only educational and financial advice in nature.
Also, it is very difficult to predict the future and there are always possibilities for major events that can disrupt the entire world economy and order that no one could foresee like the war in Ukraine.
Nigerian Naira outlook 2022
There are main 2022 events and macroeconomic trends we should analyze before going further and saying how NGN (Nigerian Naira) is going to be in 2023.
The Nigerian Naira is in a beautiful downtrend for decades.
There are more red candles on the NGN/USD chart than probably in any other currency pair in the world. This indicates how fragile its economy is.
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Even Georgian Lari saw some uptrends against the dollar this year. When the USD gains strength and lowers inflation by raising interest rates, it makes other fragile and developing countries’ currencies suffer greatly.
As these developing countries have to pay debts and cover expenses they usually use the easiest way to get more money. Yes, they print more money and make their currency even more miserable.
In this context, Nigeria is a developing country and the US Fed’s all-out war against inflation is going to affect it negatively too. It is logical to predict that NGN/USD will go down further and a downtrend is highly likely, especially in the first half of 2023. It is important to equip yourself with knowledge and tools which will help you analyze forex or any financial markets extensively and know how to use this information in trading. One way to LearnFX analysis is to look for good online resources which will help you become a successful trader or financial analyst.
