-
Nigeria’s foreign exchange market turnover fell 32.28% in December 2024, from US$14.39 billion in November to US$9.74 billion.
-
The decline is attributed to ongoing foreign exchange market reforms and wider liquidity challenges.
-
Despite a decline in turnover, Naira praised the U.S. dollar, with the average exchange rate growing to 1,667.41/$ on November, at an average rate of 1,564.97/$.
Nigeria’s foreign exchange market turnover fell 32.28% to US$11.74 billion in December 2024, down from US$14.39 billion in US$11 billion.
The decline highlighted in the FMDQ exchange’s December monthly financial market report reflects the impact of ongoing foreign exchange market reforms and wider liquidity challenges.
According to the report, the decline in FX market turnover has led to an overall contraction in the Nigerian financial market.
attention: Click “here” To join our WhatsApp group and receive news updates directly on your WhatsApp!
Also Read: Naira Marley leaks private chat with Iyid Mohbad’s death
Total spot market turnover for all products fell 29.58% to December’s N41TN, which is a decline in FX, fixed income and money market transactions.
“Spot FX market turnover is (US$14.39 billion),” the report noted.
Despite a decline in turnover, Naira praised the dollar, with the average exchange rate rising to November 1,667.41/$ n1,564.97/$.
Naira praises the dollar on the black market
Naira praised the dollar on the parallel forex markets and gained profits on Monday’s trading.
A change operator in Wuse 4 district of Abubakar Alhasan told the Daily Mail that the Naira is trading at 1,600 n per dollar.
Continue reading here
