Renowned Global Financial Institution Forecasts Dollar Will Crash To N1200

Renowned Global Financial Institution Forecasts Dollar Will Crash To N1200

Goldman Sachs, a renowned global financial analyst, has projected a significant drop in the exchange rate between the dollar and the naira, forecasting that the dollar will soon be valued at N1200 against the naira…..READ ALSO Nigeria Is On The road To Haiti, Not Venezuela, By Owei Lakemfa

This prediction was made by Goldman Sachs analysts Andrew Matheny and Bojosi Morule, who recently conducted an examination of Nigeria’s economic conditions.

Goldman Sachs endorsed the Nigerian government’s recent monetary policies, which were perceived as being beneficial in sustaining the value of the Naira.

According to the analysts, the current undervaluation of the Naira, coupled with a favorable current account surplus, indicates a positive outlook for the Nigerian currency. They anticipate the Naira appreciating to N1200 against the dollar within the next 12 months.

This forecast aligns with ongoing efforts by the Bola Tinubu-led government to bolster the value of Nigeria’s currency.

As of Friday, the Naira traded at N1627.40 per USD on the official FMDQ exchange market, amid various monetary policies implemented by the Central Bank of Nigeria.

One recent policy update includes the release of an updated draft manual for Bureau de Change personnel, aimed at enhancing their operations over the past two months.

Meanwhile, following a regulatory crackdown by the Nigerian government, cryptocurrency exchange Binance ceased accepting Naira transactions.