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The Naira witnessed a significant appreciation in the official market, with the exchange rate against the dollar standing at N1,142.38 on Friday.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a remarkable gain of N88.23, representing a 7.16% increase compared to the previous trading session on Monday, April 8, when the Naira traded at N1,230.61 before the Sallah holiday.
The total daily turnover surged to $281.34 million on Friday from $125.55 million recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded within the range of N1,265 and N1,100 against the dollar.
Economic experts have lauded both fiscal and monetary policies of President Bola Tinubu’s administration for fostering the steady appreciation of the Naira.
The Central Bank of Nigeria (CBN) implemented a total of 600 basis points in interest rate increases during its policy meetings held in February and March, which contributed to addressing dollar scarcity, reducing volatility, and minimizing reliance on parallel markets.
