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 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.
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. NAN