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The Forex Market in Nigeria Shows a Surge in Transaction Volume, Reaching $800 Million

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The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has disclosed that the country’s volume of transactions in the foreign exchange market has reached $800 million for the first time in a long while. This announcement was made during his address to the House of Representatives at the sectoral debate on the economy on Tuesday.

Cardoso expressed his confidence that the recent policy intervention by the CBN will contribute to a stronger rebound of the Nigerian economy.

He stated, “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.”

He added, “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.”

Last week, the Naira fell to N1,500 against the US dollar before easing to N1,419.86 on Monday. However, data from FMDQ on Tuesday showed that the country’s currency fell to N1,433.89 per US dollar.

In the past seven days, the CBN has released four policy reforms to address the significant devaluation of the Naira. These measures include the issuance of ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and guidelines to curb foreign currency hoarding and speculation. Additionally, the apex bank issued fresh guidelines for International Money Transfer Operators in Nigeria and removed the cap on the exchange rate quoted by IMTOs.

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