Goldman Sachs predicts “a significant devaluation to N550/$1″

Global investment banking firm, Goldman Sachs Group, has predicted that a significant devaluation of the naira is expected within the next 12 to 18 months.

The investment firm, according to Bloomberg, believes this will help bring about “the desired balance” required to stabilize the currency.

“Goldman Sachs Group Inc. this week said a significant devaluation of the naira is likely in 12 to 18 months to stabilize Nigeria’s external accounts. An exchange rate of 500-550 per dollar should bring about the desired balance…. compared with a current rate of about 407”. Bloomberg reported.