JUST IN: Nigeria’s FX Turnover Surges To N23.95tn

JUST IN: Nigeria’s FX Turnover Surges To N23.95tn——The total foreign exchange market turnover increased to $14.39 billion (N23.95 trillion) at the end of November 2024.

This is according to the FMDQ Markets Monthly Report obtained recently by newsmen.

According to the report, total FX turnover for the spot and derivatives markets stood at N58.22 trillion and N0.81 trillion, respectively.

This means that the Spot FX Market turnover increased by 42.69 percent, which is $4.30 billion from $10.08 billion recorded in October 2024.

“Total turnover for the Spot and Derivatives Market was N58.22tn and N0.81tn, respectively, in November 2024. Spot FX Market Turnover was $14.39bn (N23.95tn) in November 2024, representing a MoM (month-on-month) increase of 42.69 percent ($4.30bn) from the turnover recorded in October 2024 ($10.08bn),” the report stated.

Financial analysts attributed this growth to increased investor activity and adjustments in the FX rate.

This comes amid the continued Naira fluctuations against the dollar at the FX market.

In the period under review, the naira traded within a range of N1,639.50 per dollar to N1,690.37 per dollar.