NAIRAMETRICS
The naira strengthened against major currencies on Monday the greenback saw an increased safe-haven demand, in the wake of an Iranian strike on Israel, putting it at more than five-month highs.
Naira breaks key resistance
Goldman Sachs projection became a reality when the local currency exchanged at below N1000 at some segments of the parallel market as of late Sunday.
The American investment bank’s economists stated that the Naira’s bullish momentum on the foreign exchange market will likely cause it to trade for less than N1,000 per US dollar in the coming months.
The tier 1 investment bank claimed that the rally in Nigerian currency helped recover from large losses after two devaluations since last June by being bolstered by capital inflows and successive interest rate hikes.
