The Foreign Exchange Market operated by FMDQ has witnessed a remarkable surge in forex turnover, reaching a staggering N22.98 trillion ($44 billion) during the period spanning January to July 2023. This exceptional achievement was unveiled in the August edition of FMDQ Spotlight, a monthly publication released by the exchange.
Following the Central Bank of Nigeria’s harmonization of foreign exchange rates in June, FMDQ now stands as the sole recognized forex market in the country.
Within these seven months, which encompassed 141 business days, the average daily forex turnover recorded an impressive figure of N866.21 billion ($1.67 billion). The year-to-date average exchange rate for the Naira against the dollar was reported as N519.35.
In its commentary on this remarkable turnover, the exchange stated, “The total turnover for the January – July 2023 period amounted to N122.14 trillion.”
Meanwhile, the Naira showcased resilience by strengthening 0.39 percent on the Investor & Exporter window, closing at N744.97 per dollar compared to the previous day’s rate of N747.87 per dollar. Notably, the daily turnover on Monday alone reached $74.64 million.
At the parallel market, two Bureau De Change operators situated on Lagos Island disclosed that they were selling the American dollar at N925 and purchasing it at N920 per dollar, underscoring the dynamics of the forex market in Nigeria.
The unprecedented forex turnover and Naira’s stability underscore the evolving landscape of foreign exchange in the country, with FMDQ playing a pivotal role as the primary market for forex trading in Nigeria.