Naira’s Outlook Is Brightening Amid Steps to Steady Currency
- Analysts including Goldman Sachs see USD/NGN rallying 25%
- Nigeria central bank expected to raise rates again next week
The naira has been devalued twice since June after Bola Tinubu ended Nigeria’s longstanding practice of fixing the exchange rate.
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
Nigeria’s prolonged battle to stabilize its currency is finally bearing fruit, with analysts now forecasting the battered naira could rebound sharply before the end of the year.
Analysts at Goldman Sachs Group Inc, Citigroup Inc. and Standard Chartered Plc see the naira advancing by as much as 25% against the dollar this year, as jumbo interest-rate increases and other steps to attract foreign capital yield results.