Naira Surges to N1,000 per Dollar at Parallel Market; Goldman Sachs Predicts Further Appreciation

The Nigerian Naira has continued its upward trend, reaching a new milestone of N1,000 per US dollar at the parallel market as the foreign exchange market opened on Monday, April 15, 2024.

This development comes as a relief for the Nigerian economy, which has been grappling with currency fluctuations and inflation.

Bureau De Change operator Mistila Dayyabu confirmed that the Naira is currently trading between N1,000 and N1,050 per dollar, and there are expectations that the currency will further appreciate to below the N1,000 mark during the week.

This positive outlook follows the recent recognition of the Naira as the best-performing currency in April by Goldman Sachs.

The Naira’s impressive performance has been evident for several months, with the currency gaining N60 against the dollar after the Eid-el-Fitr holidays and moving from N1,900 in February to N1,000 at the parallel market.

However, despite the appreciation, Nigerians are still concerned about the high prices of goods and services, as food inflation rose to 40.01 per cent in March 2024, according to the National Bureau of Statistics.

The rising value of the Naira is a positive sign for the Nigerian economy and could potentially lead to increased investor confidence and a more stable economic environment.

However, it remains to be seen if this appreciation will translate into tangible benefits for the average Nigerian consumer, who is currently facing high inflation and the rising cost of living.

As the week progresses, all eyes will be on the Nigerian foreign exchange market to see if the Naira can sustain its momentum and continue its upward trajectory against the US dollar.