Naira makes huge recovery, gains 7.2% against dollar

• There’s alot going on about Naira and Dollar in Nigeria
• Speculators according to government wish that naira will keep falling against the Dollar
• Binance discontinued its Nigerian Naira services due to regulatory issues with the Nigerian government.
• Binance executive, who holds both British and Kenyan citizenship, was detained along with another colleague on February 26.
• Last night a report about Naira gains came in.

READ NAIRA HAS GAINED AGAINST THE DOLLAR

The naira on Friday experienced huge appreciation 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 revealed that the naira gained N88.23.

This represents a 7.16 per cent gain 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 Investor’s and Exporter’s window, the naira traded between N1,265 and N1,100 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.

(NAN)