June 23, 2024

Naira crisis: Nigeria’s forex transactions drop by 42.92%

Nigeria’s foreign exchange turnover transaction dropped by 42.92 percent amid the continued fluctuations of the Naira against the dollar.

FMDQ data on Monday showed that FX turnover crashed to $121.87 million from $213.52 million last Friday.

The reduction underscores the decline in activity and liquidity in the foreign exchange market, indicating uncertainty and apprehension.

However, despite the drop in FX transactions, Naira appreciated by N1476.12 against the dollar compared to N1485.99 traded on Friday.

FMDQ securities exchange data showed that in May alone, the Central Bank of Nigeria sold $575m to banks, the highest in a single month to defeat the Naira against other currencies.

Meanwhile, glitzedge reports that Nigeria’s foreign exchange reserves dropped by $1.8bn in 10 weeks.

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