Goldman Sees Nigerian Naira Extending World-Beating Rally
- Naira is globe’s best performing currency this month
- Rebound follows steep decline caused by two devaluations
The naira has rallied 12% against the dollar in April.
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
Nigeria’s naira could extend gains that have already made it the best-performing currency in the world this month, said a Goldman Sachs Group Inc. economist — provided policymakers stay on track.
The naira has rallied 12% against the dollar in April, adding to its 14% surge in March. Capital inflows and interest rate increases are helping it to retrace steep losses caused by two devaluations since June after the government loosened currency controls.