Global investment bank Goldman Sachs said it sees the Nigerian naira gain more ground against the US dollar in the next twelve months.
The bank projected the exchange rate of the local currency to the greenback at 1200 in the short term on the back of policy reforms that could support the currency’s recovery.
In a research note issued late Thursday, the New York-based financial institution highlighted the recent upward interest rate adjustment by monetary authorities in Nigeria and a recent N1.6 trillion bill auction by the central bank as signals that the country is turning the tables on a previous unorthodox policy regime that hindered the naira from trading freely.
