Forex turnover rose to $63.44 million on Monday representing a 66.42% increase day on day.
Forex turnover dropped from $66.61 million on Thursday to $38.12 million on Friday.
The liquidity in the foreign exchange market appears to have improved, the volatility and uncertainty of the market seem to still persist.
The 12-month naira forwards increased to N454.50 per dollar on Wednesday, from a high of N522.56 on April 20.
The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations.
It should be noted that Nigeria’s external reserves went on a downward slide last year, having lost $11.75 billion within a space of 10 months.
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has warned firms and individuals against patronizing the parallel market, popularly called the black market.
Information obtained from Abokifx shows that the local currency depreciated to N437 to a dollar on Wednesday, May 6, 2020, as against the N430 to a...
Currency traders are expecting the naira to fall slightly today, due to the maturing $1.52 billion April 29 contract.
Nigeria's currency continued to depreciate at the forward market, as worries strengthened that the CBN might have to devalue the naira again.