According to Goldman Sachs, the Naira is now the best-performing currency this month (April) due to its ongoing rise versus the US dollar.
According to a Goldman Sachs analyst assessment, the Naira’s foreign exchange rate may drop below N1,000 per US dollar in the upcoming months due to the currency’s strengthening rate.
This was revealed by the research tank in its most recent assessment on the economic conditions in Nigeria.
According to the research, the Naira strengthened by 12% vs the US dollar in April, building on its 14% rise in March.
Goldman Sachs predicted in March that by 2024, the value of the Naira will increase to N1,200 per US dollar. On Monday, the Naira traded at N1,230.61 on the official market and N1,200 on the parallel market, realizing the group’s prediction.
The Naira strengthened by N60 and was trading at 1,140 per dollar at the Parallel Market on Friday as a result of the Central Bank of Nigeria, or CBN, interfering and selling foreign exchange to Bureau De Change operators at a revised rate of N1,101 per dollar from N1,251.
According to the CBN, a number of policy initiatives have resulted in a spike in capital inflows into the nation in recent months.
The CBN increased the interest rate to 24.75 percent at the most recent meeting of the Monetary Policy Committee (MPC), which helped it recover losses from the two devaluations that occurred since June of last year.
