Nigeria’s External Reserves Soar to $33.88bn As Forex Turnover Up $12.68 bn in Q1’24

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The Central Bank of Nigeria’s recent measures to liberalize the foreign exchange market and boost dollar supply have yielded significant results, as evidenced by a 95% year-on-year increase in dollar turnover in the official Nigerian Foreign Exchange Market (NAFEM) during the first quarter of 2024 (Q1’24). Data analysis from FMDQ revealed that turnover surged from $6.5 billion in Q1’23 to $12.68 billion in Q1’24.

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Breaking down the quarterly turnover, January saw a turnover of $2.14 billion, which surged by 133.6% to $5 billion in February, and further increased by 10.8% to $5.54 billion in March. March’s turnover witnessed fluctuations, starting at $296 million in the first week, rising to $1.15 billion in the second week, falling by 26% to $848.36 billion in the third week, and eventually reaching $1.98 billion (the highest weekly turnover in March) in the fourth week.

Furthermore, Nigeria’s external reserves experienced a notable uptick, rising by 2.9% quarter-on-quarter (QoQ) to $33.885 billion in Q1’24 from $32.912 billion at the end of Q4’24. This increase underscores the positive impact of the CBN’s policies aimed at stabilizing the forex market and shoring up reserves.

However, the performance of the naira in both the parallel and official markets was mixed during Q1’24. In NAFEM, the naira depreciated by 44.3% to N1,309.39 per dollar at the end of Q1’24, compared to N907.11 per dollar at the end of Q4’23. Conversely, in the parallel market, the naira appreciated by 3.1% to N1,290 per dollar in Q1’24 from N1,240 per dollar in Q4’23.

These developments underscore the dynamic nature of Nigeria’s forex market and the ongoing efforts to maintain stability amidst fluctuating economic conditions.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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