The Nigerian Foreign Exchange Market (NAFEM) recorded a 61.9% year-on-year increase in dollar turnover, reaching $43.09 billion in the first 11 months of 2024 compared to $26.6 billion in the same period of 2023. Quarterly data from FMDQ showed a decline in turnover from $12.64 billion in Q1 to $10.15 billion in Q3. However, monthly turnover surged by 63% in October to $5.4 billion and further increased by 13.5% to $6.13 billion in November.
The naira experienced mixed performance in November, appreciating by 0.16% in NAFEM to close at ₦1,672.69 per dollar, compared to ₦1,675.49 in October. Conversely, the naira depreciated in the parallel market by 0.5%, closing at ₦1,745 from ₦1,730 in October. This divergence widened the gap between the official and parallel market rates to ₦72.31, up from ₦54.61 the previous month.
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) expressed concern over sustained exchange rate pressures, citing high demand for foreign exchange as a key driver. In its latest communique, the MPC urged the CBN to adopt measures to enhance liquidity in the forex market to stabilize the naira and address persistent market challenges.
