By Margret Oshinowo
The Naira experienced a huge appreciation on Friday at the official market, trading at N1,142.38 to the dollar.
The official trading platform of the FMDQ Exchange reveals data, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, reveals that Naira gained N88.23.
This amounts to a gain of 7.16 percent when compared to the existing trading date on Monday, April 8, exchanging before the Sallah holiday at N1,230.61 to a dollar.
According to the News Agency of Nigeria on Saturday reveals that the total turnover daily increased to $281.34 million on Friday up from $125.55 million recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s window, the Naira traded between N1,265 and N1,100 against the dollar.
Economic experts have continually praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.
During policy meetings held in February and March, the CBN implemented a total of 600 basis points in interest rate increases.
This helps tackle dollar scarcity, decreased reliance on parallel markets and reduced volatility.
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