Goldman Sachs, one of the world’s leading global financial institutions, has predicted that Nigeria’s domestic currency, the naira, could extend gains that have already made it the best-performing currency in the world this month if policymakers stay on track.
This follows a 12% gain in the naira against the dollar in April, adding to its 14% surge in March.
This resurgence in the domestic currency has been made possible due to capital inflows and interest rate increases which are helping it to retrace steep losses caused by two devaluations since June after the government loosened currency controls.
