- The think-tank announced the development in its latest report on the Nigeria’s economic realities.
Goldman Sachs has said Naira would continue its positive momentum and continue to gain against the dollar.
The reputable investment banking company said the upward trajectory of the Naira against the Dollar has made it the best-performing currency this month (April).
The think-tank announced the development in its latest report on the Nigeria’s economic realities.
According to the reports, with the appreciation rate of the Naira in the foreign exchange market, the currency may exchange below N1,000 per Dollar in the coming months.
The report stated that the Naira rallied 12 per cent against the Dollar in April, adding to its 14 per cent surge in March.
In March, Goldman Sachs predicted that the Naira would appreciate to N1,200 per Dollar in 2024.
The group’s projection became a reality on Monday when the Naira exchanged at N1,230.61 at the official market and N1,200 at the parallel market.
With the Central Bank of Nigeria, CBN, intervening by selling FX to Bureau De Change operators at a reviewed rate of N1,101 per Dollar from N1,251, the Naira appreciated by N60, trading at 1,140 per Dollar at the Parallel Market on Friday.
In the past months, CBN has said the country has witnessed a surge in capital inflows on the backdrop of several policy interventions.