Naira strengthens by 7.2% against dollar in official market

On Friday, the Naira witnessed a significant surge in value against the dollar at the official market, reaching N1,142.38 per dollar. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market, indicated a remarkable gain of N88.23, marking a 7.16% increase compared to the previous trading session on April 8, before the Sallah holiday.

The total daily turnover also saw a notable rise, reaching $281.34 million on Friday, up from $125.55 million recorded on Monday. Meanwhile, at the Investor’s and Exporter’s window, the Naira traded within the range of N1,265 to N1,100 against the dollar.

Economic analysts have attributed this Naira appreciation to the fiscal and monetary policies implemented by President Bola Tinubu’s administration. The Central Bank of Nigeria (CBN) had recently raised interest rates by a total of 600 basis points during its policy meetings held in February and March, which has contributed to stabilizing the currency.