Naira Appreciates, Trades at N1,142.38 to Dollar

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By Sabiu Abdullahi

The naira experienced a notable appreciation on Friday at the official market, trading at N1,142.38 to the dollar.

This shows a major gain compared to its exchange rate of N1,230.61 to a dollar before the Sallah holiday on Monday, April 8.

Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.23.

This represents a 7.16 percent increase from the previous trading date.

The total daily turnover also surged to $281.34 million on Friday, up from $125.55 million recorded on Monday, reflecting increased trading activity and confidence in the naira.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between N1,265 and N1,100 against the dollar.

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