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Naira Maintains Gains, Sells at 142/$1 on Official Market
The Nigerian Naira continues its upward trend, maintaining a solid position at N142 to a dollar on the official FX market.
In the parallel market, the Naira exchanges at a rate of N1150 to dollar, further solidifying its position as a top-performing currency.
According to Goldman Sachs Group, the Naira has already established itself as the top-performing currency globally in April, adding that the local currency was expected to extend its gains, amid the continuing effective policy management by the Central Bank of Nigeria (CBN).
In April alone, the Naira has surged 12 per cent against the dollar, adding to a one per cent increase in March, according to Bloomberg.The rally was supported by capital inflows and consecutive interest rate hikes, helping to recover from significant losses following two devaluations since last June, triggered by the the floating of the local currency and FX market unifications.
Market analysts believe that the Naira could continue its upward trajectory, possibly even breaching the 1000 NGN to USD threshold in the near future.
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