Forex Market Turnover Rises By 42.69% To $14.39bn

Foreign exchange market turnover in Nigeria rose by 42.69 per cent month-on-month to $14.39 billion (N23.95 trillion) in November 2024.

This is according to the latest Monthly report released by FMDQ Securities and Exchange platform on its financial market activities.

The foreign exchange market turnover recorded for the month of October 2024 was $10.08 billion (N16.85 trillion).

The report showed that the majority of the transaction, came from the spot market, while the derivatives market saw a steep drop in turnover, falling 82.41 per cent month-on-month to N0.81 trillion ($0.49 billion).

“Total turnover for the Spot and Derivatives Market was N58.22 trillion and N0.81 trillion, respectively, in November 2024. Spot FX Market Turnover was $14.39 billion (N23.95 trillion) in November 2024, representing a MoM (month-on-month) increase of 42.69 per cent ($4.30 billion) from the turnover recorded in October 2024 ($10.08 billion),” the report stated.

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Although market participants continue to be concerned about currency volatility and liquidity, analysts attribute this growth to increased investor activity and changes in the FX rate.

This increase in trade activity came as the Nigerian naira continued to decline against the US dollar, with the spot exchange rate averaging N1,667.41/$, or a 2.14 percent devaluation from the average of N1,631.71/$ the previous month.

The naira fluctuated between N1,639.50/$ and N1,690.37/$ throughout the month, underscoring the currency’s continuous struggles in the foreign exchange market.

Victor Ezeja

Correspondent at Prime Business Africa |  + postsBio

Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.

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