x

Naira gains 7.2% against dollar at official market

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.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

China expands efforts to boost global e-commerce cooperation

By Liao Ruiling Products from Southeast Asian dried fruits and...

Tears as Diogo Jota and Brother Andre’s Bodies Arrive in Portugal for Burial

Grief-stricken supporters filled the streets of Gondomar, northern Portugal,...

Yunnan coffee adds new note to global coffee map

By Cui Yin, People's DailyEach cup of coffee carries...

FG Sets July 23–24 for National Petrol Pricing Summit

The Federal Government has scheduled a national stakeholder forum...

Bayelsa Governor Praises Security Forces for Rescue of Kidnapped Judge

By Amgbare Ekaunkumo, Yenagoa Bayelsa State Governor, Senator Douye Diri,...

Tunji-Ojo Harps On Effective Leadership For National Development 

By Francis Wilfred The Minister of Interior, Dr. Olubunmi Tunji-Ojo,...

FG to Honour Top 250 Nigerians for 65th Independence Anniversary

...Launches Compendium to Celebrate Excellence and Patriotism By Francis Wilfred As...

SGF Praises Prof. Oramah for Patriotic Leadership at Afreximbank

By Francis Wilfred Secretary to the Government of the Federation...
spot_img

Related Articles

Popular Categories

spot_imgspot_img