The naira, on Friday, April 12, 2024, appreciated 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.
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The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.
Meanwhile, at the Investors and Exporters (I&E) window, the naira traded between N1,265 and N1,100 against the dollar.
It would be recalled that the Central Bank of Nigeria (CBN), during its policy meetings 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.
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