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Record Forex Turnover Surges To $857 Million.

In a significant development, Findwhosabi News has learned that on Thursday, March 28th, the daily forex turnover skyrocketed to an impressive $857 million. This surge marks the highest level since the Central Bank introduced its new forex policies, reflecting a remarkable shift in market activity.

This figure also stands out as the largest turnover recorded since 2021, with the closest amount being $760 million reported on June 2nd, 2022. Such a substantial increase underscores the growing momentum and activity within Nigeria’s forex market.

Naira and Dollar

Despite this surge, the average daily forex turnover recorded in March has been around $220 million, slightly lower than the year’s average of $177 million. Nonetheless, the surge to $857 million signals a notable uptick in market participation and liquidity.

Meanwhile, on the official market, the exchange rate weakened slightly to N1328.51 per dollar at the close of trading on Thursday, compared to the N1309.39 per dollar recorded on Wednesday. Although the Naira has gained some strength against the US dollar, it continues to hover within the 8-week low range, indicating ongoing challenges in stabilizing its value.

As market dynamics continue to evolve, Findwhosabi News remains committed to providing timely updates on forex trends and developments. Stay tuned for more insights into Nigeria’s financial landscape.

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