Grapevine

FX turnover hit $7.4bn in July – Report

In dollar terms, FX market turnover in July recorded a 10.02 per cent ($0.67bn) month-on-month increase from $6.72bn in the prior month.

Also, the naira depreciated against the dollar, with the spot exchange rate increasing by 4.88 per cent (N72.58) to close at an average of $/1,560.32 in July from $/1,487.74 in June.

The exchange rate volatility also increased in July as the local traded around $/1,500.32– $/1,621.12, compared to $/1,473.66– $/1,510.10 recorded in June 2024.

At the end of the week, the value of the Naira to the dollar appreciated by 62bps to N1570.14/$ to close the week at the NAFEM. The turnover stood at $120.81m with an intra-day high and low of 1606/$ and 1496/$ respectively.

FX turnover is the sum value of all transactions performed in the foreign exchange market in January, reflecting increased trading activities in the forex market in the period under review.