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Foreign Exchange Market Experiences Huge Drop in Turnover Amid Naira Appreciation

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On Wednesday, the turnover in the foreign exchange market saw a sharp decline to $166 million, a day after reaching a record high of $1 billion.

According to data from FMDQ, FX transactions turnover fell significantly to $166 million on Wednesday, down from $1.085 billion the day before.

Despite this decline, the naira saw an uptick against the dollar in the official foreign exchange market.

FMDQ data at the end of trading hours indicated that N1,262.85 was the exchange rate for a dollar on Wednesday, compared to N1,278.58 on Tuesday.

This signifies an increase of N15.73 compared to the previous rate of N1,278.58 per USD on Tuesday.

Meanwhile, the costs of essential food items continue to remain high due to the persistent rise in inflation.

In February, Nigeria witnessed a staggering food inflation rate of 37.92 percent.

 

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