In the upcoming days, it is anticipated that the value of the Nigerian naira will further decline to N1,993 per dollar.

This is in line with the article “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth,” which was published by BMI, a Fitch Solutions affiliate.

According to the research, Nigeria’s 95% reliance on imports for pharmaceuticals will serve as the basis for the anticipated depreciation.

The trend will weaken patient purchasing power and the health system, the paper said.

“We anticipate that the value of the naira will drop from N306/$ in 2018 to N1,993/$ in 2028.”

The research said that because the public health sector is underfunded, “the cost of importing medical devices will continue to rise as the naira weakens, eroding both the health system and patient purchasing power, especially to invest in essential medical technologies.”

At the official and alternative foreign exchange exchanges on Monday, the value of the Naira dropped to N1681.42 and N1735, respectively.

This occurs as the FMDQ FX transaction turnover increased from $1.4 billion on Friday to $471.5 million on Monday, a considerable decline.

Olayemi Cardoso, governor of the Central Bank of Nigeria, announced last Thursday that the nation’s external reserves had increased to $40 billion.

The naira has continued to fluctuate in the foreign exchange market despite the Central Bank of Nigeria’s interventions and the increase in external reserves in recent months.