Naira makes huge recovery, gains 7.2% against dollar

The naira experienced huge appreciation on Friday 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), revealed that the Naira gained N88.23.

This represents a 7.16 percent gain when compared to the previous trading date on Monday, April 8, when N1,230.61 was exchanged for 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.

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 the fiscal and monetary policies of President Bola Tinubu’s administration as responsible for the steady appreciation of the naira.

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, reduce volatility, and decrease reliance on parallel markets.