FMDQ records impressive N22 trillion forex turnover in seven months

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FMDQ records impressive N22 trillion forex turnover in seven months
FMDQ records impressive N22 trillion forex turnover in seven months

The Foreign Exchange turnover on the FMDQ for the period spanning January to July 2023 reached an impressive N22.98 trillion ($44 billion).

This significant figure was disclosed in the August edition of FMDQ Spotlight, a monthly publication issued by the exchange.

Following the Central Bank of Nigeria’s unification of foreign exchange rates in June, FMDQ now stands as the sole recognized forex market.

Turnover of N22 trillion in seven months

Within the 141 business days analyzed during this seven-month period, the daily average turnover amounted to N866.21 billion ($1.67 billion).

The year-to-date average exchange rate for the naira against the dollar was N519.35.

Reflecting on this remarkable turnover, the exchange noted, “The total turnover for the January to July 2023 period amounted to N122.14 trillion.”

Additionally, the Naira demonstrated strength, appreciating by 0.39% on the Investor & Exporter window to reach N744.97 per dollar, as opposed to the previous day’s closing rate of N747.87 per dollar.

On Monday, the daily turnover reached $74.64 million.

Meanwhile, at the parallel market, two Bureau De Change operators in Lagos Island reported selling the American dollar at N925 while buying it at N920 per dollar.