In Seven Months, Forex Turnover Hits N22trn On FMDQ
The turnover of foreign exchange on the FMDQ hit N22.98tn ($44bn) in the period between January and July 2023.
This was revealed in the August edition of the FMDQ Spotlight, a monthly publication by the exchange.
FMDQ is now the only recognised forex market following harmonisation of the foreign exchange rates by the Central Bank of Nigeria in June.
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In the newsletter, the exchange revealed that for the 141 business days within the period under review, the average daily turnover stood at N866.21bn ($1.67bn). The average year-to-date for naira was N519.35 per dollar.
Commenting on the turnover, the exchange said, “The total turnover for the January – July 2023 period amounted to N122.14trn.
Meanwhile, the Naira strengthened by 0.39 per cent on the Investor & Exporter window on Tuesday to N744.97 per dollar, from N747.87 per dollar at the close of trading on Monday. The daily turnover on Monday was $74.64m
At the parallel market, two Bureau De Change operators on Lagos Island, on Tuesday, said they sold the American dollar at N925 and bought N920 per dollar.
