Between January and July 2023, foreign exchange turnover on FMDQ reached N22.98tn ($44bn), as reported in the August edition of FMDQ Spotlight, the exchange’s monthly publication. FMDQ now stands as the sole recognized forex market post-Central Bank of Nigeria’s June rate harmonization.Thank you for reading this post, don't forget to subscribe!
In this period, averaging N866.21bn ($1.67bn) daily over 141 business days, with the year-to-date average for the naira at N519.35 per dollar. The total turnover for January to July 2023 summed up to N122.14trn, as stated by the exchange.
Additionally, the Naira exhibited a 0.39 percent gain on the Investor & Exporter window, reaching N744.97 per dollar. At the parallel market, two Bureau De Change operators in Lagos reported selling the dollar at N925 and buying at N920 per dollar.