The Nigerian Naira has shown remarkable appreciation against the US dollar, fueled by the effective fiscal and monetary policies under President Bola Tinubu’s leadership.
Recent trading figures from the FMDQ Exchange—the authority overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM)—indicate a substantial increase in the value of the Naira.
On Friday, trading data revealed that the Naira had strengthened by N88.23, a significant 7.16% rise from its rate on the previous Monday, April 8. Before the Sallah holiday, the Naira was valued at N1,230.61 per dollar but appreciated to trade at N1,142.38 in the official market.
Additionally, the daily trading volume surged, recording $281.34 million on Friday, a notable increase from $125.55 million on Monday.
In the Investor’s and Exporter’s (I&E) window, the Naira was observed fluctuating between N1,265 and N1,100 against the dollar.
This consistent upward trajectory in the Naira’s value is largely credited to the Central Bank of Nigeria’s (CBN) aggressive policy adjustments. In their recent meetings in February and March, the CBN implemented interest rate hikes totaling 600 basis points.
These adjustments have significantly alleviated the dollar scarcity, curbed market volatility, and diminished the dependence on parallel market exchanges, thereby stabilizing the currency.
