Nigeria's Interbank FX Turnover Soars to $94.43 Million
On Wednesday, Nigeria's interbank foreign exchange turnover rose sharply by 69.82% to $94.43 million, up from $55.60 million recorded in the previous trading session. This increase represents an additional $38.82 million in transactions within the interbank segment, according to data from the Central Bank of Nigeria.
The trading activity saw a significant rise, with the number of interbank deals increasing to 86 from 58 on Tuesday, marking a 48.28% rise in transactions. The dollar was traded within a range of N1,321.50/$ to N1,334/$, with a weighted average exchange rate of N1,329.21/$ for the session.
By the end of the day, the exchange rate closed at N1.328 to the dollar. The notable jump in turnover underscores the volatility in daily FX market activity, with interbank transactions accounting for a larger share of the total turnover reported across the Nigerian Foreign Exchange Market (NFEM).
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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