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Home Business & Finance

NAFEM Forex Turnover Surges 61% to $43 Billion

Nnaemeka OkwarabyNnaemeka Okwara
December 10, 2024
in Business & Finance
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NAFEM Forex Turnover Surges 61% to $43 Billion
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The Nigerian Foreign Exchange Market (NAFEM) saw a surge in foreign exchange trading, going up by 61.9 percent to $43.09 billion in the first eleven months of 2024 (11M’24) compared to $26.6 billion in the same time in 2023.

Data from the Financial Market Dealers Quotations (FMDQ) shows that trading was $12.64 billion in the first three months of 2024 (Q1’24) and then dropped by 19 percent to $10.24 billion in the next three months (Q2’24). This decrease continued in the third quarter of 2024 (Q3’24), with trading falling by 0.87 percent to $10.15 billion.

In October, the amount of revenue increased by 63% compared to the previous month, going from $3.31 billion to $5.4 billion. This amount grew again by 13.5% in November, reaching $6.13 billion.

In November, the Nigerian currency, the naira, had different results in different parts of the foreign exchange market. In the NAFEM, the naira became stronger, increasing by N2.8 or 0.16%, closing at N1,672.69 per dollar in November, up from N1,675.49 per dollar in October. However, in the parallel market, the naira became weaker, dropping by N10 or 0.5%, ending at N1,745 per dollar in November, down from N1,730 per dollar in October.

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) is worried about the ongoing challenges affecting the exchange rate.

Tags: federal characterFinanceForexNAFEMNAFEM Forex Turnover Surges 61% to $43 BillionNews
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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