The total value of transactions recorded at the official Nigerian Autonomous Foreign Exchange Market fell from $465.29m on Tuesday and $203.93m on Wednesday, data obtained from FMDQ Exchange showed on Thursday. This indicates a 56 per cent drop in the value of transactions recorded on the FMDQ platform which records volume and value of transactions on NAFEM, the official FX market. The CBN had last week issues circulars compelling banks to sell their excess dollar holdings, among others. Meanwhile, the naira fell by 1.4 per cent to the dollar at the parallel market on Thursday, following strong demand for dollars. Checks by our correspondent showed that the value of foreign exchange transactions recorded on the official Nigeria Autonomous Foreign Exchange Market had reduced from $584m on Monday to $465.29m on Tuesday and $203.93m on Wednesday.

Source: Punch February 09, 2024 13:32 UTC