Report Names Naira Best-Performing Currency In April
A report by a global investment banking, security and management firm, Goldman Sachs has named Naira the best-performing currency in April.
The report further suggests the Nigerian currency will exchange below N1,000 per Dollar in the coming months.
This was disclosed by the firm in its latest report on Nigeria’s economic realities.
Goldman Sachs had in March, forecast 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.
Meanwhile, the naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the naira gained N88.23.
This represents a 7.16 per cent gain compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Eid-el-Fitr holiday.
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
