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Naira Surges by 7.2% Against Dollar

The Naira had a significant jump in value on Friday, reaching N1,142.38 against the dollar in the official market.

According to data from the FMDQ Exchange which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira gained N88.23.

This marks a 7.16% increase compared to the last trading day on Monday, April 8, when it was trading at N1,230.61 before the Sallah holiday.

The total daily turnover also saw a boost, hitting $281.34 million on Friday, a considerable rise from the $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 are praising the fiscal and monetary policies of President Bola Tinubu’s administration for this steady increase in the Naira’s value.

In February and March, the Central Bank of Nigeria (CBN) implemented a total of 600 basis points in interest rate increases during its policy meetings.

This move has helped address dollar scarcity, decreased market volatility, and lessened reliance on parallel markets.

(NAN)

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