Naira Recovers to Become Best Performing Currency in the World

Following a 12% rally in April, the Nigerian Naira is now the best performing currency in the world, according to a Goldman Sachs analyst. More importantly, the currency can continue its upward trajectory if policymakers maintain its fiscal policies. Currently valued at 1,230 to the dollar, the naira fell to a record low of 1,627 on March 8. Fortunately for the West African country, the bold measures introduced by its central bank, including the raising of interest rates, led to capital inflows that has now helped it retrace most of its losses.

SOURCE: BLOOMBERG