Business
Naira Fights Back At Dollar, Gains 7.2% Value In Latest Exchange Rate
On Friday, the Nigerian currency, the Naira, witnessed a significant surge in value at the official market, with an exchange rate of N1,142.38 to the dollar.
According to data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira experienced a gain of N88.23.
This represents a remarkable 7.16% increase compared to the previous trading day on April 8th, when N1,230.61 was exchanged for a dollar before the Sallah holiday.
Furthermore, the total daily turnover also saw a substantial rise, reaching $281.34 million on Friday, compared to $125.55 million recorded on Monday.
Nation Post reports that economic analysts have consistently commended the effective fiscal and monetary strategies of President Bola Tinubu’s government for the stable strengthening of the naira.
The Central Bank of Nigeria (CBN) also took significant steps by raising interest rates by 600 basis points during its policy meetings in February and March.
This proactive approach has successfully addressed issues such as dollar scarcity, market volatility, and overreliance on informal exchange platforms.
