The Nigerian naira has reached a significant milestone, hitting N1,000 against the US dollar.
This is as markets anticipate the Central Bank of Nigeria’s (CBN) forthcoming sale to Bureau de Change (BDC) operators.
The naira’s value at the parallel market surged to N1,000 per dollar by midday on Monday, marking a significant rise from its earlier opening rate of N1,130.
The surge is attributed to traders’ anticipation of another round of dollar sales by the CBN to BDC operators.
Last week, the CBN infused $15.88 million into the market at a rate of N1,101 to the dollar, bolstering the naira’s upward trend.
Usually, the CBN sells dollars to BDCs at rates corresponding to the lower band of rates on the Nigeria Autonomous Foreign Exchange Market (NAFEM).
The naira’s rise to N1,000 against the dollar aligns with the forecast made by US Bank Goldman Sachs over the weekend.
Goldman Sachs Group Inc. projected the naira would reach the N1,000 mark, citing various measures implemented by the CBN.
Previously, in February, they predicted the naira would strengthen to N1,200 per dollar this year.However, they now anticipate it surpassing that level due to recent actions by the central bank.
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