Forex: Turnover In NAFEM Falls 37% To N3.47 Billion

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Naira Depreciates To N1,530/$ In Official Market
Naira Depreciates To N1,530/$ In Official Market

The volume of dollars traded (turnover) in Nigeria’s Foreign Exchange Market, NAFEM, fell 37.4 percent month on month (MoM) to $3.47 billion in April 2024, from $5.54 billion in March 2024.

According to weekly market transactions published by FMDQ, turnover was $836.66 million in the first week of April but fell by 49.5% to $420.33 million in the second week due to the three-day Eid-al-Fitr holiday observed during the week.

 

In the final two trading days of April 2024, turnover was $373.19 million.

Meanwhile, the naira fell in both the official and parallel markets during the review period.

The naira fell by N81.57 to N1390.96 per dollar in NAFEM on April 30, down from N1309.39 per dollar on March 28, 2024.

Similarly, the naira fell by N20 on the parallel market.

The black market traders, the market exchange rate increased to N1,310 per dollar on April 30 from N1,290 on March 28, 2024.

As a result, the difference between the parallel market rate and the NAFEM rate increased to N80.96 per dollar on April 30, 2024, from N19.36 on March 28, 2024.