13th April, 2024
The exchange rate of Nigeria’s currency, the Naira has continued to appreciate to the dollar in response to the fiscal and monetary policies of President Bola Tinubu’s administration.
According to data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Friday revealed that the Naira gained N88.23.
This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Sallah holiday.
The huge appreciation resulted in the Naira trading at N1,142.38 to the dollar at the official market
The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar.
Experts attribute the steady Naira appreciation to the policies of the Central Bank of Nigeria, CBN.
The CBN, during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases.
This helped tackle dollar scarcity, reduced volatility, and decreased reliance on parallel markets. (NAN)