There is a remarkable surge in the value of the Nigerian currency, naira, against the US dollar.
Reports have it that the Naira has exceeded crucial resistance levels and is trading below ₦1,000 in certain sectors of the black market.
This impressive achievement is in line with Goldman Sachs’ forecasts and occurs amidst escalating global geopolitical uncertainties.
The Naira’s recent increase in value comes after a period of instability, during which it experienced significant devaluations since June of last year.
The Nigerian financial authorities have made efforts to address this, including raising interest rates to 24.75% and implementing strategic interventions in the foreign exchange market.
These measures have significantly stabilized the currency, as a spokesperson from the Central Bank of Nigeria (CBN) stated during the latest Monetary Policy Committee meeting.
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