FMDQ’s forex turnover reached N22tn in seven months.

Date:

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.

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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.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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