At the official market, the Naira gains 7.2% against the dollar

On Friday, the official market saw a sharp increase in the value of the naira, which was trading at N1,142.38 to the dollar.

The Naira increased by N88.23, according to data from the FMDQ Exchange’s official trading portal, which is in charge of the Nigerian Autonomous Foreign Exchange Market.

Comparing this to the previous trading date on Monday, April 8, when the currency was trading at N1,230.61 to the dollar before the Sallah holiday, shows a rise of 7.16 percent.

According to the News Agency of Nigeria on Saturday, the total daily turnover went from $125.55 million on Monday to $281.34 million on Friday.

In the meantime, the Naira fluctuated in value against the dollar between N1,265 and N1,100 at the Investor’s and Exporter’s window.

The administration of President Bola Tinubu has been commended by economists for its monetary and fiscal policies, which have contributed to the steady appreciation of the Naira.

The CBN raised interest rates by a total of 600 basis points during its policy sessions in February and March.

This lessened volatility, lessened the need for parallel markets, and addressed dollar scarcity.

NAN