Forex turnover jumps to $265.59m at investors window

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The foreign exchange daily turnover on Thursday jumped to $265.59 million from $93.21 million recorded the previous day at the investors and exporters window.

Dealers attributed the rise to increased dollar inflows from offshore fund managers investing in the domestic equity market.

Data from FMDQ show that naira depreciated by N1.48k to close at N36117k per dollar compared to N359.59k traded on Wednesday at the same forex window.

At the Central Bank of Nigeria (CBN) official market, the local currency remained stable closing at the rate of N305.65k per dollar, data from FMDQ revealed.  Naira also closed stable at the black market trading at N367 per dollar.

The nation’s currency strengthened at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), gaining N1.25k to close at N361.08 per dollar on Wednesday as against N362.33k on Tuesday.

However, naira weakened N0.90k at the Nigerian Foreign Exchange Fixing (NIFEX) as it closed at rate of N327.27k per dollar on Wednesday from N326.27k per dollar quoted on Tuesday, data from FMDQ indicated.

Traders anticipate further depreciation of the naira at the the black market in the coming days as demand for the dollar increases, but is expected to trade within a range on the investor forex window and official interbank market.

Source: Business Day

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