Daily FX turnover jumps to record $857 million

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On Thursday, March 28th, the daily forex turnover reached a remarkable $857 million, marking the highest level since the implementation of the Central Bank’s new forex policies. This milestone also represents the largest turnover since 2021, according to Nairametrics records, with the closest figure recorded at $760 million on June 2nd, 2022.

The significance of this surge lies in its reflection of the market’s liquidity and vibrancy. Forex turnover serves as a critical metric in the financial world, representing the total value of all foreign exchange transactions completed within a specific timeframe. High turnover rates indicate a highly active market, with numerous participants engaging in buying and selling currencies.

Such activity signals investor confidence and economic stability, showcasing the resilience of the forex market amidst evolving policy changes and economic conditions.

Source: Parrot Nigeria

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