The foreign exchange turnover on the FMDQ reached a total of N22.98tn ($44bn) over the period spanning from January to July 2023.
The information was disclosed in the August issue of the FMDQ Spotlight, a monthly newsletter produced by the exchange.
After the Central Bank of Nigeria harmonised the foreign currency rates in June, FMDQ has emerged as the sole officially recognised forex market.
The newsletter presented findings indicating that during the period under examination, the exchange reported an average daily turnover of N866.21bn ($1.67bn) over a span of 141 business days. The average year-to-date exchange rate for the Nigerian naira against the United States dollar stood at N519.35.
Commenting on the turnover, the exchange said, “The total turnover for the January – July 2023 period amounted to N122.14trn.
In the Investor & Exporter window, the Naira exhibited a 0.39% increase in value on Tuesday, rising from N747.87 per dollar at the previous day’s trading closure to N744.97 per dollar. The recorded daily turnover on Monday amounted to $74.64 million.
According to two Bureau De Change operators located on Lagos Island, it was reported on Tuesday that the American dollar was sold at a rate of N925 and bought at a rate of N920 per dollar in the parallel market.
