Naira extends gain as weekly forex liquidity hits $1.82bn

The naira strengthened further this week as the turnover in the official foreign exchange market rose by more than a fifth, data from FMDQ Securities Limited shows.

The average Nigerian Autonomous Foreign Exchange Fixing was N1,412.03 per dollar, compared to N1,479.80/$ at the close of last week.

The total turnover in the forex spot and derivatives markets increased to $1.82 billion from $1.45 billion last week.

The increase was largely driven by the forex spot turnover, which jumped by 25.82% to $1.8 billion, according to FMDQ.

“The decrease in derivatives turnover was solely driven by the 16.50% ($3.30 million) decrease in FX Forwards turnover, whilst there was continued lack of activity in both the Exchange-Traded FX Futures and Cleared Naira-Settled Non-Deliverable Forwards markets,” it said.

Leave a Reply

Your email address will not be published. Required fields are marked *