Naira to be the best-performing currency this month (April), according to forecast, the currency will exchange below N1,000 per dollar.
“In the upcoming months, the naira may trade for less than N1,000 per US dollar due to the currency’s appreciation rate on the foreign exchange market, according to a forecast by economists at Goldman Sachs.”
Jerrymusa.com reports that according to the research, the naira strengthened by 12% against the US dollar in April, building on its 14% rise in March.
Prior Prediction About The Naira
Remember that in March, Goldman Sachs predicted that in 2024, the value of the naira would 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, realising the group’s prediction.
The Nigerian Central Bank, or CBN, stepped in and sold foreign exchange to Bureau de Change.
The Nigerian 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 lowered 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 interest rates 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.