Forex Crisis: Naira Appreciates Massively Against Dollar

Exchange Rate: Naira Gains Against Dollar In Parallel Market

by Victor Ndubuisi

The official market saw a notable increase in the value of the Naira on Friday, when it was trading at N1,142.38 to the US dollar.

Data collected from the FMDQ Exchange’s official trading website, which controls the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed a noteworthy increase of N88.23 in the Naira’s value.

Prior to the Sallah vacation, on Monday, April 8, it was trading at N1,230.61 per dollar. This rise represents a 7.16% gain over that trading session.

From $125.55 million on Monday to $281.34 million on Friday, the daily turnover increased significantly.

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Meanwhile, the Naira fluctuated between N1,265 and N1,100 versus the dollar during the Investors and Exporters (I&E) window.

The monetary and fiscal policies of President Bola Tinubu’s administration have been widely praised by economists for contributing to the Naira’s steady appreciation.

During its policy sessions in February and March, the Central Bank of Nigeria (CBN) raised interest rates by a total of 600 basis points. This preemptive action has lessened volatility, addressed dollar scarcity, and decreased dependency on parallel markets.


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