Despite Volatility In FX Market, Daily Forex Turnover Hits $110.14m

Nigeria recorded a daily foreign exchange turnover of $110.14million in the Nigerian Foreign Exchange Market (NAFEM), on Friday, 1st. December, 2023.

The daily forex turnover recorded $100.06million on Monday, November, 27, 2023 and closed on Friday, 1 December, 2023, by $110.14million.

According to the data from NAFEM, the country’s official foreign exchange market, the rise in the daily forex turnover reflected increased FX inflow into the economy on Friday, 1st November, 2023.

According to Data from FMDQ Securities Exchange, the local currency hit an intra-day trading high of N1,160 and a low of N701.

Meanwhile, financial experts have attributed the increase in the daily turnover, on Friday, 1st, December, 2023 to increase in investors confidence in the foreign exchange market.

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Recall that amid frequent fall in the value of naira, the  house of representatives committee on finance, loans, and debt management, recommended that all locally produced goods be banned from importation.

The lawmakers said despite the unification of the foreign exchange market, there is still pressure on the naira.

This, the house said, is “due to the lack of stable foreign reserves as a result of the lack of exports of locally produced goods.”

The lawmakers, therefore, recommended that “all items locally produced should be outrightly banned from importation and customs tariffs amended accordingly.”