The Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.
The recovery made by the Naira was discovered from data on the official trading platform of the FMDQ Exchange.
The platform, which oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the Naira gained N88.23.
This represents a 7.16 percent gain when compared to the previous trading date on Monday, 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 Central Bank of Nigeria, 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.
