In July, Nigeria’s foreign exchange turnover reached N11.48 trillion ($7.39 billion) at the official trading window, up from N10.01 trillion in June.
This represents a 10.02% increase in dollar terms, according to a report by the FMDQ.
The naira depreciated against the dollar during this period, with the average spot exchange rate rising by 4.88% to $/1,560.32 in July from $/1,487.74 in June.
The exchange rate volatility also increased, with rates fluctuating between $/1,500.32 and $/1,621.12.
Additionally, remittance inflows surged to $553 million in July, a 130% increase compared to the previous year.
This growth was driven by recent policy changes by the Central Bank of Nigeria aimed at enhancing liquidity in the foreign exchange market.
(Punch)