Naira’s unexpected rise against Dollar baffles experts

In a remarkable surge, the Naira experienced significant appreciation, trading at N1,142.38 to the dollar on Friday.

Data from the FMDQ Exchange’s official trading platform revealed a staggering gain of N88.23, marking a 7.16% increase compared to the previous trading date on April 8.

The Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a surge in total daily turnover, reaching $281.34 million, a substantial rise from the $125.55 million recorded on Monday.

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

Economic experts have lauded the fiscal and monetary policies of President Bola Tinubu’s administration for the steady appreciation of the Naira.

The Central Bank of Nigeria (CBN), in its recent policy meetings, implemented a total of 600 basis points in interest rate increases. These measures have effectively addressed dollar scarcity, reduced volatility, and lessened reliance on parallel markets.