NGN/USD Naira Official, Black-Market Rates Converge; Goldman Sachs Sees Gains

The official and parallel-market exchange rates for the naira have largely converged in recent days as capital inflows surged, leading Goldman Sachs Group Inc. to predict the currency will strengthen over coming months.

The naira was fixed at 1,615 per dollar on the official market on Wednesday, according to Lagos-based FMDQ, which tracks the data. The official rate has been within 3% either side of the parallel-market rate since last week, compared with a spread of more than 30% in January, before the central bank introduced measures to improve dollar liquidity. The parallel-market rate was 1,610 on Thursday.

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