Naira sells 1,485/dollar as official forex market records $23bn

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Forex turnover in Nigeria’s official market surged to $23.29 billion over six months, driven by Central Bank of Nigeria reforms. The naira traded between N980 and N1,500 per dollar from January to June, closing at N1,485 on Friday.

Data from FMDQ Securities showed a 15% increase in forex transactions, amounting to $0.6 billion. The naira’s exchange rate varied, reaching as high as N1,505 and as low as N1,401 during trading hours.

Daily forex market turnover averaged $193.50 million, with the naira showing stability. Fitch Ratings projects the naira to end the year at N1,450 per dollar.

Source: PUNCH

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