The Naira saw significant appreciation at the official market on Friday, trading at N1,142.38 to the dollar. This marks a gain of N88.23, or 7.16%, compared to the previous trading day on Monday, April 8, when it traded at N1,230.61 to the dollar prior to the Sallah holiday.
According to data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market, the daily turnover increased from $125.55 million on Monday to $281.34 million on Friday.
In the Investor’s and Exporter’s window, the Naira fluctuated between N1,265 and N1,100 against the dollar.
Economic experts attribute the steady appreciation of the Naira to the fiscal and monetary policies of President Bola Tinubu’s administration. The Central Bank of Nigeria (CBN) raised interest rates by a total of 600 basis points during its policy meetings in February and March.
These measures have helped address dollar scarcity, reduce volatility, and minimize reliance on parallel markets.
