Naira posts slight gain as dollar liquidity rises 3.93%

The naira registered a slight gain against the dollar this week as liquidity in the official foreign exchange market rose 3.93 percent.

The average Nigerian Autonomous Foreign Exchange Fixing rate closed at N1,546.13/$, compared to N1,549.13/$ recorded in the previous week, according to data from securities exchange FMDQ.

The total turnover in the FX Spot and Derivatives markets increased to $749.61 million from $721.26 million last week.

FMDQ said: “The week-on-week (WoW) increase in total turnover was jointly driven by the 2.82% ($20.34 million) increase in FX Spot transactions, which recorded a total value of $741.60million compared to $721.26 million in the week-ended December 27, 2024, and the $8.01 million increase in FX Derivatives transactions, for the week-ended January 3, 2025. 

“The WoW increase in FX Derivatives turnover was solely driven by the $8.01 million increase 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.”

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