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The Nigerian Autonomous Foreign Exchange Market’s main trading platform, FMDQ Exchange, provided data indicating that the naira appreciated by N88.23.
On Friday, April 13, the naira appreciated hugely in the official international market at an exchange rate of N1,142.38 to the dollar. Comparing this to the previous trading date on Monday, April 8, when the currency was trading at N1,230.61 to the dollar before the Sallah holiday, shows a rise of 7.16 percent.
The naira was trading between N1,265 and N1,100 versus the dollar at the investor’s and exporter’s window in the meantime.
The consistent appreciation of the naira can be attributed to the fiscal and monetary policies implemented by President Bola Tinubu’s administration, as noted by economic experts. In its policy sessions in February and March, the CBN raised interest rates by a total of 600 basis points. This lessened volatility, lessened the need for parallel markets, and addressed dollar scarcity.
By Chidimma NWAFOR
