According to a recent report by Goldman Sachs economists, the Naira has emerged as the best-performing currency this month due to its continued surge against the Dollar.
The report highlights that the Naira has appreciated by 12% in April, following a 14% surge in March.
This positive trend has led the think-tank to predict that the Naira may even exchange below N1,000 per Dollar in the coming months.
In line with this, the Central Bank of Nigeria has intervened by selling foreign exchange to Bureau De Change operators at a revised rate, further contributing to the Naira’s appreciation.
The report also mentions that the CBN’s policy interventions have resulted in a surge in capital inflows, and the recent increase in interest rates has helped the Naira recover from previous devaluations.
