- Central Bank Governor, Yemi Cardoso
In spite of the market volatility, Nigeria recorded a daily turnover of $110.14 million in the Nigerian Foreign Exchange Market (NAFEM) on Friday, December 1, 2023.
The daily forex turnover opened at $100.06 million on Monday, November 27 and closed at $110.14 million on Friday, December 1.
Data from the Nigeria’s official foreign exchange market, NAFEM, indicated that the rise in the daily forex turnover reflected increased FX inflow into the economy on Friday.
Also, data from FMDQ Securities Exchange showed that the local currency hit an intra-day trading high of N1,160 and a low of N701.
Meanwhile, financial experts have attributed Friday’s increased daily turnover to investors’ growing confidence in the foreign exchange market.
Concerned at the recent freefall of the naira, the House of Representatives Committee on Finance, Loans and Debt Management had recommended an outright ban on the importation of all goods being locally produced, and an amendment of customs tariffs accordingly.
Their contention was that there was still much pressure on the naira in spite of the foreign exchange market unification “due to the lack of stable foreign reserve as a result of non-export of locally produced goods.”
