Naira gains 7.2% to a dollar at official market

The naira experienced a huge appreciation at the official market, trading at N1,142.38 to the dollar on Friday.

According to data from the official trading portal of the FMDQ Exchange, which administers the Nigerian autonomous foreign exchange market, the naira increased by N88.23.

This marks a 7.16 percent increase over the previous trading session on Monday, April 8, when the exchange rate was N1,230.61 to the dollar prior to the Sallah vacation.

The overall daily turnover jumped to $281.34 million on Friday, up from $125.55 million on Monday, according to the Nigerian News Agency on Saturday.

Meanwhile, at the investor and exporter window, the naira traded between N1,265 and N1,100 per dollar.

Economic analysts have continued to commend President Bola Tinubu’s administration for its fiscal and monetary policies, which have contributed to the steady appreciation of the naira.

During its policy sessions in February and March, the CBN increased interest rates by a total of 600 basis points.

This helped to alleviate dollar scarcity, minimise volatility, and reduce dependency on parallel markets.