Naira up as weekly dollar liquidity soars to $2.3bn

The naira rose slightly against the dollar this week as the official foreign exchange market saw a jump in the supply of the greenback.

The total turnover in the FX spot and derivatives markets surged 116.90 percent to $2.33 billion from $1,075.74 million last week, according to data from securities exchange FMDQ.  

The increase in total turnover was “driven solely by the 116.90% ($1.26 billion) increase in FX spot transactions, as there were no FX derivatives transactions during the week-ended November 29, 2024,” it said.

The average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was N1,681.35 per dollar, compared to N1,684.69/$ in the previous week.

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