On Friday, the Naira saw significant appreciation in the official market, with a trading rate of N1,142.38 to the dollar.
Data sourced from the FMDQ Exchange’s official trading platform, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicates a notable increase of N88.23 in the Naira’s value.
This surge marks a 7.16% gain compared to the previous trading session on Monday, April 8, where it was trading at N1,230.61 per dollar before the Sallah holiday.
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The daily turnover soared to $281.34 million on Friday, a substantial rise from the $125.55 million recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira ranged between N1,265 and N1,100 against the dollar.
Economic analysts have consistently lauded the fiscal and monetary policies of President Bola Tinubu’s administration for fostering the steady appreciation of the Naira.
The Central Bank of Nigeria (CBN), in its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases. This proactive measure has helped address dollar scarcity, decrease volatility, and reduce reliance on parallel markets.