Drama As Dollar Loses N88 Against Naira

On Friday, the Naira saw a significant appreciation at the official market, trading at N1,142.38 against the dollar.

Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market, indicated an N88.23 gain, a remarkable 7.16% increase compared to the previous trading session on April 8, where it stood at N1,230.61 before the Sallah holiday.

Daily turnover surged to $281.34 million from $125.55 million, as reported by the News Agency of Nigeria. Meanwhile, at the Investor’s and Exporter’s window, the Naira traded between N1,265 and N1,100 against the dollar.

Economic experts attribute this steady appreciation to the fiscal and monetary policies of President Bola Tinubu’s administration, particularly the CBN’s interest rate increases of 600 basis points in February and March. These measures have effectively addressed dollar scarcity, reduced volatility, and lessened reliance on parallel markets.