According to the August edition of FMDQ Spotlight, the FMDQ (FMDQ Securities Exchange) reported an outstanding turnover of N22.98 trillion (equivalent to $44 billion) in the period spanning January to July 2023. This significant forex trading volume reflects the exchange’s pivotal role as the sole recognized foreign exchange market following the Central Bank of Nigeria’s harmonization of forex rates in June.
The data disclosed that over the course of 141 business days in this seven-month period, the average daily turnover on the FMDQ amounted to N866.21 billion (approximately $1.67 billion). Furthermore, the average year-to-date exchange rate for the Nigerian Naira stood at N519.35 per US dollar.
Commenting on this remarkable turnover, the exchange noted that the total forex trading volume for the January to July 2023 period reached an impressive N122.14 trillion.
Meanwhile, the Naira exhibited strength by appreciating 0.39% on the Investor & Exporter window, settling at N744.97 per US dollar compared to the previous day’s close of N747.87 per US dollar. On Monday, the daily turnover in this window reached $74.64 million.
In parallel markets, currency traders in Lagos reported selling the US dollar at N925 per dollar while buying it at N920 per dollar.
Punch