Foreign Exchange: Market Records $584m Increase

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The official Nigeria Autonomous Foreign Exchange Market witnessed a substantial boost, reaching $584 million in foreign exchange transactions, as revealed by data from the FMDQ Exchange on Tuesday.

This marks a noteworthy increase from the previous daily transaction figure of $440 million on the platform.

The surge in forex transactions coincided with a slight depreciation of the national currency against the US dollar in the official market. Data from FMDQ Security Exchange indicates a rise in forex turnover from $440.13 million on Monday to $584.53 million on Tuesday, reflecting a significant 32.8% increase or an additional $144.4 million.

This positive development is attributed to efforts by the Central Bank of Nigeria to stabilize the foreign exchange rate, resulting in improved liquidity in the market. Despite challenges, economic experts remain optimistic about the naira firming up in both the official and parallel markets in the coming days.

At the parallel market, a Bureau De Change Operator reported that the dollar was traded at rates ranging between N1,480 and N1,485. While acknowledging that the day’s market was not ideal, the operator expressed confidence in economic managers’ projections that

Source: PUNCH

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