The Naira experienced a significant rally against the US Dollar, breaking through critical resistance levels to trade below N1,000 in some segments of the black market as of late Sunday.
This performance aligns with earlier predictions by
"The Naira's current bullish momentum is projected to persist, potentially pushing the exchange rate below N1000 per US dollar in the upcoming months," economists from the American investment bank,
This upturn in the Naira's value follows a period of volatility where it suffered considerable devaluations since last June. Efforts by Nigerian financial authorities, including successive interest rate hikes now pegged at 24.75%, and strategic foreign exchange interventions have notably contributed to this stabilization.
"The
Additionally, the geopolitical landscape has influenced market movements. The recent Iranian strike on
However, the dollar steadied after initial gains, with Israeli ministers indicating no immediate plans for retaliation, which somewhat eased market fears.
Finance Minister Wale Edun also unveiled plans for higher inflows of US dollars, including the sale of foreign currency bonds in the second quarter. This move is part of broader efforts to attract overseas capital with high-yield short-term debt products.
Despite the rallying Naira and strategies to boost economic inflows,
"The ongoing geopolitical unrest in the
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