FMDQ records $44bn foreign exchange turnover in seven months

By Sodiq Adelakun

In the period between January and July 2023, the foreign exchange turnover on the FMDQ reached an impressive $44 billion (equivalent to N22.98 trillion), according to the August edition of the FMDQ Spotlight, a monthly publication by the exchange.

During the 141 business days under review, the average daily turnover on the FMDQ stood at N866.21 billion ($1.67 billion).

The year-to-date average exchange rate for the Naira was N519.35 per Dollar.

This milestone comes after the Central Bank of Nigeria floated the Naira in the foreign exchange market on June 14, a move that resulted in FMDQ becoming the sole recognized forex market following the CBN’s harmonisation of foreign exchange rates.

As of Wednesday, September 6, 2023, the Naira was trading at N758.42 against the Dollar at the official market.

The FMDQ’s remarkable foreign exchange turnover highlights the growing strength and stability of Nigeria’s currency market, which has been positively impacted by recent policy changes.