See What Happens to Naira Rate, as Nigeria’s Forex Transactions Decreased by 42.92%
See What Happens to Naira Rate, as Nigeria’s Forex Transactions Decreased by 42.92%
Nigeria’s foreign exchange turnover has decreased by 42.92% amid ongoing Naira volatility against the dollar. According to FMDQ data released on Monday, FX turnover fell to $121.87 million from $213.52 million on Friday.
This significant drop highlights the reduced activity and liquidity in the foreign exchange market, reflecting widespread uncertainty and apprehension. Despite this decline, the Naira saw some appreciation, trading at N1476.12 against the dollar compared to N1485.99 on Friday.
In May, FMDQ Securities Exchange data revealed that the Central Bank of Nigeria sold $575 million to banks, the highest monthly figure aimed at stabilizing the Naira against other currencies.
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