According to a recent report by Goldman Sachs, the E-Naira has emerged as the best-performing currency in April.
The report indicates that the Nigerian currency is expected to trade below N1,000 per Dollar in the coming months.
The firm disclosed these findings in its latest report on Nigeria’s economic conditions.
In March, Goldman Sachs had forecasted that the Naira would appreciate to N1,200 per Dollar by 2024. This projection materialized on Monday when the Naira exchanged at N1,230.61 at the official market and N1,200 at the parallel market.
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In response to the currency’s performance, the Central Bank of Nigeria (CBN) intervened by selling FX to Bureau De Change (BDC) operators at a revised rate of N1,101 per Dollar, down from N1,251.
This intervention led to a N60 appreciation in the Naira’s value, with it trading at 1,140 per Dollar at the Parallel Market by Friday.