Rédaction Africa Links 24 with Ibrahim Ramalan
Published on 2024-04-13 05:28:49
The Naira witnessed a significant appreciation at the official market on Friday, trading at N1,142.38 to the dollar. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the Naira gained N88.23, representing a 7.16% increase compared to the previous trading date on Monday, April 8 when it was exchanging at N1,230.61 per dollar before the Sallah holiday.
The total daily turnover also saw a notable increase, amounting to $281.34 million on Friday, up from the $125.55 million recorded on Monday. This surge in trading activity reflects the positive sentiment surrounding the Naira in the market.
Over at the Investor’s and Exporter’s (I&E) window, the Naira was seen trading within the range of N1,265 to N1,100 against the dollar, emphasizing the continued strength and stability of the local currency in the foreign exchange market.
Economic experts have commended the fiscal and monetary policies implemented by President Bola Tinubu’s administration for contributing to the steady appreciation of the Naira. The Central Bank of Nigeria (CBN) took decisive action during its policy meetings in February and March by implementing a total of 600 basis points in interest rate increases. These measures were instrumental in addressing dollar scarcity, reducing volatility, and minimizing dependence on parallel markets, thereby reinforcing the stability of the Naira.
The proactive steps taken by the CBN under President Tinubu’s leadership have been crucial in boosting investor confidence and maintaining the Naira’s value. The consistent appreciation of the Naira is a testament to the sound economic management and policy framework in place, ensuring a conducive environment for sustained growth and stability in the Nigerian economy.
Overall, the positive developments in the foreign exchange market and the strengthening of the Naira reflect a broader trend of economic resilience and progress under President Tinubu’s administration. With continued focus on prudent fiscal and monetary policies, Nigeria is poised to navigate through challenges and build a stronger, more resilient economy for the future.
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