Tag
FOREX TURNOVER
Daily Forex Turnover hits $1.4 Billion on NAFEM official forex market, highest ever as External Reserves reach $40 Billion
The naira made a notable recovery in the official market on September 6, 2024, closing at N1,593.32/$1, marking a 2.89% rebound after three consecutive days of depreciation.
The forex turnover on the FMDQ, where the exchange rate trades officially, closed at a turnover of just $61.9 million, the lowest since January 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 continued its downward trend against the US dollar at the official exchange window, closing at N1,309.88 on Thursday, March 25th.
The naira experienced a decline on Thursday afternoon, falling to N1,450 per dollar in the parallel market.
Forex turnover dropped by 56.17% to $203 million as the Nigerian naira gained against the dollar marginally on Wednesday, February 7th, 2024 at the official market.
In Nigeria, the forex turnover in the official foreign exchange market has struggled to reach the $300 million mark, a figure last seen during the initial days of forex unification.
The exchange rate between the naira and the US dollar closed at N420.25/$1 at the Investors and Exporters (I&E) window.
Forex turnover at the FMDQOTC has averaged $47 million dollars over the last 32 days.
Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.