Naira exchanges below N1000 per dollar at the black market

The naira strengthened against the dollar on Monday, April 15.

The local currency exchanged at below N1000 at some segments of the parallel market as of late Sunday.

Former presidential aide on digital communications, Bashir Ahmad, took to X to celebrate this, writing: “I can authoritatively confirm that the US dollar is now being exchanged at a rate below N1000 at some BDCs. 

“The measures being taken by the CBN to strengthen our Naira are definitely working. Naira will continue gaining!”

This comes after Goldman Sachs projected that the Naira would appreciate in the coming months.

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.