US Company Describes Naira As Best Performing Currency in the World, Makes New Prediction
…C0NTINUE READING HERE >>>
US financial firm Goldman Sachs has described the Nigerian Naira as the best-performing currency globally in recent weeksThe Naira has shown strong performance against the US dollar in the forex markets during this periodThis strong performance of the Naira followed several policies implemented by the Central Bank of Nigeria
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
Goldman Sachs Group has described naira has established itself as the best-performing currency in the world following its recent rally.
The Nigerian currency has recorded an impressive performance since mid-February, rising from an exchange rate of N1,950 to N1169.99 a dollar as of Friday, April 19, 2024.
Naira is said to be the world's best-performing currency
Photo credit: Benson Ibeabuchi
Source: Getty Images
According to Bloomberg, the naira appreciated by 12% against the dollar in April 2024 alone, following a 14% surge in March.
Read also
Nigerians identify 2 new platforms as threat to naira, ask FG to close them quickly
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through [email protected]!
Naira world's best-performing currency
Speaking on the performance of the naira, Goldman Sachs, Andrew Matheny told Bloomberg that the naira is expected to extend its gains.
He praised the continued effective policy management by the Central Bank of Nigeria (CBN) and stressed that the performance has already surpassed Goldman Sachs' prediction of N1,200 earlier in the year.
Henzodaily.ng had earlier reported that the US financial firm forecasted in February that the Naira would strengthen to N1,200/$ in 2024.
Matheny now expects the naira to surpass the projection and trade even lower against the dollar.
He said:
“This probably can run further; we would see an extension of the move to N1,000 and maybe even sub-N1,000.
“six weeks have gone by and they're continuing to hold the line, so that's encouraging.”
Read also
“Our problem”: Prophet Ayodele shares new prediction amid naira appreciation
Sani reacts to Adeboye's prophecy on naira/dollar
In a similar development, Henzodaily.ng reported that Sani reacted to Pastor Adeboye's prophecy that the naira would bounce back and be bigger than the dollar.
The former federal lawmaker said Nigerians need not comment and argue about how the prophecy will come to pass.
He said what is expected of the people is to just shout Amen to the prophecy as declared by the man of God.
Source: Henzodaily.ng
Leave a Reply