Naira Gains Significantly Against Dollar At Official Market

The naira on Monday experienced huge appreciation at the official market, trading at N1,607.15 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 N9.93.

This represents a 0.61 per cent gain compared to the previous trading date on August 2, exchanging at N1,617.08 to a dollar.

The total daily turnover reduced to $77.09 million on Monday down from $131.55 million recorded on August 2.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between N1,620.50 and N1,570.00 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.