Forex turnover hits $44bn in seven months on FMDQ

The foreign exchange turnover on the FMDQ stood at $44 billion (N22.98 trillion) between January and July 2023.

This was contained in the August edition of the FMDQ Spotlight, a monthly publication by the exchange.

In the newsletter, the exchange revealed that for the 141 business days under review, the average daily turnover stood at N866.21 billion ($1.67 billion). The average year-to-date for Naira was N519.35 per Dollar.

The development comes nearly three months after the Central Bank of Nigeria floated the Naira at the foreign exchange market on June 14.

FMDQ is now the only recognised forex market following CBN’s harmonisation of the foreign exchange rates market.

Newsmen learnt that the Naira exchanged at N758.42 against the Dollar at the official market on Wednesday, September 6 2023.