The Nigerian Naira witnessed significant appreciation in the official market on Friday, trading at N1,142.38 to the dollar.
Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market, indicated that the Naira gained N88.23, marking a 7.16% increase compared to its exchange rate on Monday, April 8, when it traded at N1,230.61 before the Sallah holiday.
According to reports from the News Agency of Nigeria on Saturday, the total daily turnover in foreign exchange trading surged to $281.34 million on Friday, up from $125.55 million recorded on Monday.
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Meanwhile, at the Investor’s and Exporter’s window, the Naira traded within a range of N1,265 to N1,100 against the dollar.
Economic experts have attributed the steady appreciation of the Naira to the fiscal and monetary policies of President Bola Tinubu’s administration.
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.
These measures were aimed at addressing dollar scarcity, reducing market volatility, and decreasing reliance on parallel markets.
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