Naira gains 7.2% against dollar

The Naira on Friday appreciated at the official market, trading at N1,142.38 to the dollar.

The Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.23, following the data from official trading platform of the FMDQ Exchange, a platform that oversees it.

The exchanging rate at N1,230.61 to a dollar before the Sallah holiday, represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8.

The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar.

Economic experts have continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.

The CBN, during its policy meetings clenched in February and March, implemented a total of 600 basis points in interest rate increases.

This helped liberate dollar scarcity, reduced irregularity, and decreased dependency on parallel markets.

NAN