Nigeria's naira is the best performing currency in the world for a month - Goldman Economists

 

Nigeria's naira could extend the gains that have made it the world's best performing currency this month, Goldman economists say - Bloomberg Africa 

The naira was ₦1900 to $1 last month, but the current rate as at today is ₦1100 to $1,  a decrease of ₦800. this happens in just a month and it makes the naira the best performing currency in the world. 

The drastic changes isn't by mistake, it is the structure of the new president Bola Tinubu and his Economic team. 

The Nigeria government has always subsidies the dollar to make it cheaper for Nigerians, but the newly elected president, floated the naira against dollar to know it real value and boom dollar rate goes up to ₦1900 from the initial rate of ₦700. 

The newly appointed central bank governor has done a lot of restructuring to the naira and it's performing very well against all currencies not only dollar. Currently the central bank has stopped subsiding the naira against dollar, but instead they're defending the Naira against dollar. It's very certain the naira will gain more and 900 or lower to dollar without government subsidy. 

According to reports, Nigeria government pays $billion to $trillion yearly to subsidies the dollar for Nigerians but now it has stopped and the money has been used for other development in the country