Naira makes huge recovery, gains 7.2% against dollar

Naira makes huge recovery against dollar, gains ₦88.23 on Friday

News Agency Of Nigeria

April 13, 2024 7:28 AM

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

Naira makes huge recovery against dollar, gains ₦88.23 on Friday [Nairamtetrics]

The Naira on Friday experienced huge appreciation at the official market, trading at ₦1,142.38 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 ₦88.23.

This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at ₦1,230.61 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.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between ₦1,265 and ₦1,100 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.

News Agency Of Nigeria