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PwC warns against rising market uncertainty

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PWC

A professional tax and advisory firm, PwC, says Nigeria’s economic outlook remains uncertain despite efforts made by the Central Bank

of Nigeria to ensure stability in the foreign exchange market and attract investors. It noted that the rising inflationary pressure and volatile FX market are increasing the uncertainty level and dampening investors’ confidence.…

But the measure is yet to address the high consumer prices, which are forcing Nigerians to forgo necessities as purchasing power dwindles. “Naira crashed against the dollar by 48% between H1 2023 and H1 2024 , following the unification of exchange rates and FX scarcity,” PwC said in the report. The Central Bank of Nigeria , yesterday, extended a financial lifeline to struggling Unity Bank Plc and gave clearance for its planned merger with Providus Bank Limited in what is seen as a potential end to end of months of apprehension over the fate of the lender. The approval came after months of speculation on…

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