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February 14, 20201min610

Reports obtained from Bloomberg indicate that Nigeria will probably have to devalue its currency as soon as next year as oil prices remain low.

It also said the country’s foreign-exchange reserves continue to dwindle as a result of this poor showing from oil.

The report said investors and analysts surveyed by Bloomberg proposed that only currency devaluation can save the country’s economy that continues to unravel.

Nigeria is heavily indebted reports say as current government continues to borrow, a situation experts say is unsustainable.

The central bank has already restricted importers’ access to dollars and sold more high-yielding debt to attract inflows.

These restrictions are signs of a bad situation economists say capable of setting the alarm bell ringing in responsible government.

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