Naira has emerged as the star performer in the currency market for the month of April, riding a remarkable surge against the US Dollar, according to insights from Goldman Sachs.


The financial powerhouse's latest report unveils a bullish forecast, suggesting that the Nigerian currency's upward trajectory may soon see it trading below the milestone of N1,000 per Dollar, signaling potentially significant economic shifts in the near future.


Goldman Sachs economists, in their comprehensive analysis of Nigeria's economic landscape, spotlight the Naira's impressive ascent, citing a staggering 12 percent appreciation against the Dollar in April alone.


This surge builds upon the currency's robust 14 percent rally recorded in the preceding month of March, painting a picture of sustained momentum in the forex markets.


The report underscores the Naira's resilience and market dynamics, highlighting its remarkable journey from previous forecasts to present realities.


In a prescient projection made in March, Goldman Sachs had anticipated the Naira's ascent to N1,200 per Dollar by the year's end.


Remarkably, this prediction materialized sooner than expected, as evidenced by Monday's exchange rates, which saw the Naira trading at N1,230.61 in official markets and a more favorable N1,200 in the parallel market.


Read More: https://naijaupdate.ng/naira-best-performing-currency-in-april/