NAIRA GAINS 7.2% AGAINST DOLLAR AT OFFICIAL MARKET

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The Nigerian currency, the Naira is still gaining weight against the dollar, recording a huge appreciation at the official market ending on Friday at N1,142.38 to the dollar at the official market.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the Naira gained N88.23 representing 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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At the Investor’s and Exporter’s window, the Naira traded between N1,265 and N1,100 against the dollar which is attributable to the fiscal and monetary policies of present administration

The CBN, during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases which has helped tackle dollar scarcity, reduced volatility, and decreased reliance on parallel markets.

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