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Nigeria’s volume of transaction in forex market surges to $800m

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Nigerias volume of transaction in forex market surges to 800m

The forex market in Nigeria witnessed a surge in transaction volume to $800 million, according to the Governor of the Central Bank of Nigeria, Olayemi Cardoso. While addressing members of the House of Representatives at the sectoral debate on the economy, Cardoso expressed confidence in the country’s economic rebound as a result of recent policy interventions by the CBN.

“I am confident that positive outcomes are emerging and will become more apparent shortly. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy,” Cardoso stated.

He further noted, “On that note, I am happy to inform you that as of yesterday, the volume of transactions on our market was over $800 million. This is the first time it has achieved this level in many years.”

In recent developments, the Naira fell to N1,500 against the US dollar before easing to N1,419.86, and further plummeted to N1,433.89 per US dollar according to data from FMDQ. The Central Bank of Nigeria has implemented several policy reforms within the last seven days to address the free fall of the Naira, including issuing guidelines to curb foreign currency hoarding and speculation, as well as releasing fresh guidelines for International Money Transfer Operators in Nigeria and removing the cap on the exchange rate quoted by IMTOs.

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