The Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.23.
This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, 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.
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Meanwhile, 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 continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.
The CBN, 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.
Theleadng reports that the CBN had rolled out several circulars and directives, leading to the rebound of the local currency from 1,900/dollar recorded in late February.
Key reforms encompass the unification of exchange rate windows, liberalisation of the FX market, clearance of FX backlog obligations for banks and airlines, implementation of a Price Verification System, imposition of limits on banks’ Net Open Position, removal of the daily cap of N2bn on remunerable Standing Deposit Facility, and overhaul of the Bureau De Change segment.
Several reforms in the FX market have adversely affected racketeers and currency speculators in the FX market and banking sector.
The Presidency has promised its support the reforms to sustain economic reforms.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said the concerted efforts of the Yemi Cardoso-led Central Bank of Nigeria aimed at stabilising the naira aligns with President Bola Tinubu’s “multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices.”
