The Naira witnessed a significant boost in value at the official market, reaching N1,142.38 against the dollar on Friday.
Data sourced from the FMDQ Exchange, responsible for overseeing the Nigerian Autonomous Foreign Exchange Market, revealed an impressive gain of N88.23 for the Naira. This surge reflects a remarkable 7.16% increase compared to the previous trading session held on Monday, April 8, where the Naira stood at N1,230.61 per dollar just before the Sallah holiday.
According to reports from the News Agency of Nigeria on Saturday, the daily turnover soared to $281.34 million on Friday, marking a substantial rise from the $125.55 million recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s window, the Naira maintained a trading range of N1,265 to N1,100 against the dollar.
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Economic analysts have attributed this positive trend to the prudent fiscal and monetary policies implemented by the administration, aimed at stabilizing the Naira. Notably, the Central Bank of Nigeria, during its policy meetings in February and March, implemented a series of interest rate increases totaling 600 basis points. These measures have effectively addressed dollar scarcity, reduced market volatility, and minimized dependence on parallel markets.
The consistent appreciation of the Naira underscores the success of these policies in bolstering Nigeria’s foreign exchange market and promoting economic stability.
