On Friday, the Nigerian Naira saw significant growth, reaching N1,142.38 against the dollar in the official market.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market, shows an increase of N88.23, marking a 7.16% rise from the previous trading day on April 8, when it was at N1,230.61 before the Sallah holiday.
Daily turnover also surged to $281.34 million, up from $125.55 million on Monday, as reported by the News Agency of Nigeria.
Meanwhile, at the Investor’s and Exporter’s window, the Naira traded between N1,265 and N1,100 against the dollar.
Economic experts commend the fiscal and monetary policies of President Bola Tinubu’s administration for this consistent Naira appreciation.
The Central Bank of Nigeria implemented a total of 600 basis points in interest rate increases during its policy meetings in February and March, addressing dollar scarcity, reducing volatility, and minimizing reliance on parallel markets.
