Naira recovers and rises 7.2% versus 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 (NAFEM).

This represents a 7.16 per cent 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 both 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. (NAN)