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FMDQ
News and analysis about FMDQ
The Naira steeply appreciated against the US Dollar, with the spot exchange rate ($/N) decreasing by 22.45% ($/N279.38) to close at an average of $/N1,244.66 in April 2024 from $/N1,524.04 recorded in March 2024.
Nigeria’s foreign exchange market has seen the turnover on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window surge by an astonishing 231.99% on May 24, 2024
The Naira has lost its four-day winning streak, depreciating by 1.55% to close at 1485.66/$1 on the official market on Thursday, according to the latest data from the FMDQ.
The Nigerian Naira displayed a marginal appreciation against the US dollar on the official market, despite a significant decline in foreign exchange (FX) turnover.
The naira has continued its recovery against the US dollar at the parallel market as it appreciated to N1280/$1 on Saturday
This is the weakest it has been since April 8, when the official rate closed at N1,230.61/$1, suggesting downward pressure ahead of the weekend.
Spot FX market turnover in January 2024 was $4.37 billion (N4.03 trillion), representing a Month-on-month (MoM) decrease of 40.46% ($2.97 billion) from the turnover recorded in December 2023 ($7.34 billion).
The FMDQ where forex is traded officially has implemented a +/-5% band around the previous day NAFEX while also caping bid/offer spread to N50.
The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against major currencies, yet the naira failed to take advantage.
As Nigerians navigate economic shifts and market fluctuations in 2024, there is a heightened quest for secure and rewarding short-term investment gains.
Spot FX market turnover in November 2023 was $5.17 billion (N4.33 trillion), representing a Month-on-month (MoM) increase of 10.94% ($0.51 billion) from the turnover recorded in October 2023 ($4.66 billion).
Spot FX market turnover was $4.66 billion (N3.66 trillion) in October 2023, representing a Month-on-month (MoM) decrease of 14.96% ($0.82 billion) from the turnover recorded in September 2023 ($5.48 billion).