Nigeria, Nov. 27 -- The Nigerian naira is expected to decline to N1,621.7 to the US dollar by the end of the year despite the Central Bank of Nigeria (CBN) 's efforts to stabilize it.

However, the Stears macroeconomic prognosis for Nigeria downgrades the earlier projection of N1,571.7 against the US dollar for the final three months through December.

As we approach the end of the year, we anticipate that currency pressures will persist unless the CBN makes significant interventions. In Q4 2024, we expect the naira will trade at N1,621.7/$ in the official market, up from our earlier projection of N1,571.7/$, the report noted.

The naira's 3.7 percent gain in September was eroded by a stunning 8 percent depreciation in October, which caus...