Naira up as weekly dollar liquidity soars to $2.3bn
The naira rose slightly against the dollar this week as the official foreign exchange market saw a jump in the
The naira rose slightly against the dollar this week as the official foreign exchange market saw a jump in the supply of the greenback.
The total turnover in the FX spot and derivatives markets surged 116.90 percent to $2.33 billion from $1,075.74 million last week, according to data from securities exchange FMDQ.
The increase in total turnover was “driven solely by the 116.90% ($1.26 billion) increase in FX spot transactions, as there were no FX derivatives transactions during the week-ended November 29, 2024,” it said.
The average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was N1,681.35 per dollar, compared to N1,684.69/$ in the previous week.
