Naira Emerges As Best-Performing Currency In April, Expected To Trade Below N1,000 Per Dollar – Goldman Sachs

Naira Emerges As Best-Performing Currency In April, Expected To Trade Below N1,000 Per Dollar – Goldman Sachs

Goldman Sachs has reported that the Naira’s remarkable surge against the Dollar has positioned it as the top-performing currency for the month of April…..READ ALSO Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 11th April 2024

According to a statement by Goldman Sachs economists, the Naira’s appreciating trend in the foreign exchange market suggests that it may soon trade below the N1,000 mark per Dollar in the near future.

This assessment was highlighted in the latest economic report issued by the think-tank, outlining Nigeria’s economic landscape.

The report revealed that the Naira recorded a significant 12 percent gain against the Dollar in April, following a robust 14 percent surge in March.

Goldman Sachs had previously projected in March that the Naira could appreciate to N1,200 per Dollar by the end of 2024. However, this prediction materialized sooner than expected, with the Naira hitting N1,230.61 at the official market and N1,200 at the parallel market.

The Central Bank of Nigeria (CBN) has played a pivotal role in this trend by intervening in the forex market, selling foreign exchange to Bureau De Change operators at a revised rate of N1,101 per Dollar, down from N1,251. Consequently, the Naira strengthened by N60, trading at 1,140 per Dollar at the Parallel Market as of Friday.

The CBN has attributed this surge to increased capital inflows, facilitated by various policy interventions. Notably, at its recent Monetary Policy Committee (MPC) meeting, the CBN raised the interest rate to 24.75 percent, aiding in the recovery from losses incurred due to two devaluations since June of the previous year.

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