Forex: Turnover hit N22tn in seven months on FMDQ

NIGERIA, Sept. 6 – 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.

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.