The Naira on Friday saw significant appreciation in the official market, reaching a trading rate of N1,142.38 per dollar.
Data from the FMDQ Exchange’s official trading platform, which oversees the Nigerian Autonomous Foreign Exchange Market, indicated that the Naira gained N88.23. This marks a notable 7.16% increase compared to the previous trading day on Monday, April 8th, when it traded at N1,230.61 per dollar before the Sallah holiday.
According to the News Agency of Nigeria, the total daily turnover surged to $281.34 million on Friday, up from $125.55 million recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s window, the Naira traded within the range of N1,265 and N1,100 against the dollar.
Economic analysts have consistently lauded the fiscal and monetary strategies implemented by President Bola Tinubu’s administration, attributing them to the stable appreciation of the Naira.
The Central Bank of Nigeria (CBN) enacted a series of interest rate hikes totaling 600 basis points during its policy meetings in February and March.
These measures have effectively addressed issues such as dollar scarcity, minimized volatility, and diminished dependence on parallel markets.