Goldman Sachs Declares Naira As Best Performing Currency In April...!

 The Naira is now the best-performing currency this month (April), according to Goldman Sachs, due to its ongoing rise versus the US dollar.

Based on a report by economists at Goldman Sachs, given the rate of appreciation of the Naira in the foreign exchange market, it is possible that in the upcoming months, the currency may go below N1,000 per US dollar.

This was revealed by the research tank in its most recent analysis of Nigeria's economic conditions.

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 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, 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.