Naira Surges Against Dollar, Hits 5-month High

The Naira has surged against the US Dollar, surpassing key resistance levels to trade below N1,000 in certain segments of the black market as of late Sunday. This rally aligns with earlier forecasts by Goldman Sachs and coincides with increased global geopolitical tensions.
Economists from Goldman Sachs anticipate the Naira’s bullish trend to continue, potentially driving the exchange rate below N1000 per US dollar in the coming months. This positive shift follows a period of volatility marked by significant devaluations since last June, with Nigerian financial authorities implementing measures such as interest rate hikes and strategic forex interventions to stabilize the currency.
The Central Bank of Nigeria’s aggressive monetary policy adjustments, along with new market strategies, have been instrumental in the Naira’s recovery, as highlighted in the latest Monetary Policy Committee meeting.