THE Naira on Friday, April 12, experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the Naira gained N88.23, representing a 7.16 per cent gain, when compared to the previous trading date on Monday, April 8, when it exchanged at N1,230.61 to a dollar, before the Sallah holiday.
The total daily turnover increased to $281.34 million on Friday, up from $125.55 million recorded on Monday, April 8.
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 the President Bola Tinubu’s administration, which are said to be responsible for the steady Naira appreciation.
The Central Bank of Nigeria (CBN), during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases, which helped to tackle dollar scarcity, reduced volatility and decreased reliance on parallel markets.
