Naira Shows Strong Recovery, Gains 7.2% Against Dollar

Nigeria’s currency, the Naira, has demonstrated a significant appreciation against the US dollar, thanks to the fiscal and monetary policies of President Bola Tinubu’s administration.

According to data from the official trading platform of the FMDQ Exchange, the Naira gained N88.23 on Friday, marking a 7.16% increase compared to the previous trading day on Monday, April 8. The Naira traded at N1,142.38 per dollar in the official market, down from N1,230.61 before the Sallah holiday.

The daily trading turnover also increased significantly, reaching $281.34 million on Friday, up from $125.55 million recorded on Monday.

In other markets, the Naira traded between N1,265 and N1,100 against the dollar at the Investor’s and Exporter’s (I&E) window.

Experts attribute the Naira’s continued appreciation to the Central Bank of Nigeria’s (CBN) policies. The CBN implemented a total of 600 basis points in interest rate hikes during its policy meetings in February and March, which helped alleviate dollar scarcity, reduce volatility, and decrease reliance on parallel markets.