US Company Describes Naira As Best Performing Currency in the World, Makes New Prediction

• US financial firm Goldman Sachs has described the Nigerian naira as the best-performing currency globally in recent weeks
• Thenairaa has shown strong performance against the US dollar in the forex markets during this period
• This strong performance of the naira followed several policies implemented by the Central Bank of Nigeria

Legit.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 the 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.

According to Bloomberg, the naira appreciated by 12% against the dollar in April 2024 alone, following a 14% surge in March.

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Naira world's best-performing currency

Speaking on the performance of the naira, Goldman Sachs, Andrew Matheny told Bloomberg that thenairaa 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.

Legit.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.”

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Banks announce new requirement to buy dollars

Earlier, Legit.ng reported that Nigerian banks released a fresh requirement to customers looking to buy foreign currencies.

The new update comes as the naira records a strong performance in both the official and unofficial markets.

There are strong expectations that the currency's value will improve to at least N1,300 in the coming days.

Source: Legit.ng