Trading activity in Nigeria’s foreign exchange market rose sharply during the business week ended September 11, with total turnover reaching $3.39 billion, according to data reported by The Punch.
The increase was driven by stronger activity in both the spot foreign exchange market and derivatives transactions, reflecting heightened trading by market participants during the period.
The latest figure highlights the continued activity in Nigeria’s FX market as businesses, investors and financial institutions respond to movements in the naira and changing demand for foreign currency.
The development comes amid ongoing efforts to deepen Nigeria’s foreign exchange market and improve liquidity. Increased derivatives activity also provides market participants with additional instruments for managing exposure to exchange-rate movements.
The naira has continued to trade at different levels across Nigeria’s official and parallel foreign exchange markets, with market rates remaining closely watched by businesses and consumers.
Analysts and market participants will continue to monitor whether the higher trading volumes translate into more stable market conditions and improved access to foreign exchange for legitimate transactions.
The latest FX turnover figures also come as Nigeria’s broader economic indicators show mixed developments, with headline inflation easing to 15.39 per cent in August, according to reports published on Wednesday.
