Naira extends gain amid 61% decline in dollar liquidity 

The naira strengthened further against the dollar this week, even as liquidity in the official foreign-exchange market plunged by 61.06 percent, data from securities exchange FMDQ shows.

The average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/₦1,502.67, compared to $/₦1,522.43 last week. 

The total turnover in the FX spot and derivatives markets fell to $1.51 billion from $3.87 billion last week.

“The week-on-week decrease in total turnover was solely driven by the 61.06% ($2,361.14 million) decrease in FX Spot transactions, while there were no FX Derivatives transactions for the week-ended February 7, 2025,” FMDQ said.