Home » Naira Gains 7.2% Against Dollar At Official Market
Banking And Finance Business

Naira Gains 7.2% Against Dollar At Official Market

Naira on Friday experienced huge appreciation 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, 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 total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday, according to the News Agency of Nigeria on Saturday.

Meanwhile, at the Investor’s and Exporter’s window, the Naira traded between N1,265 and N1,100 against the dollar.

Economic experts have continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.

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.


Related posts

Forex Shortage Worsens As Dollar Hits N876

Philip Atume

Corona Virus Lock down Did Not Kill Housing Market

Philip Atume

Why I Suspended Kanye’s Twitter Account – Elon Musk

Philip Atume

Leave a Comment

...bridging information gap