Credit Suisse cuts Nigeria 2016 growth forecast to 2% from 3.9%

A “meaningful” economic turnaround is a long way off, analysts from Credit Suisse said in a research noted published April 22.

President Muhammadu Buhari’s administration “will continue to take a slow path to structural adjustment,” Chemay Johnson and Carlos Teixeira said in the e-mailed note.

“Low growth, high unemployment and high inflation are likely to persist through 2016,” they said, adding that there is “no immediate end in sight” to the naira peg of about 197 naira per U.S. dollar.

However, the analysts expect rate to drop to 260 by end of the year. The economy is already adjusting via a “de facto devaluation,” they added. The exchange rate on the black market is currently around 320 naira per dollar.