The foreign exchange turnover of Naira against the United States of American dollar on the Investors & Exporters window fell by 47.08 per cent in April. This was disclosed in the monthly report of activities on the FMDQ which was released on Tuesday. Also, further exchange rate volatility increased marginally in April 2023 as the naira traded within an exchange rate range of $/N462.00 – $/N464.00 compared to $/N461.00 – $/N462.00 recorded in March 2023. The daily turnover for Monday stood at $106.84m with the exchange rate hitting an intraday trading high of N467 and a low of N460. The Macro Poverty Outlook for Nigeria partly read, “Macroeconomic stability has weakened amidst declining oil production, costly fuel subsidies, exchange rate distortions, and monetization of the fiscal deficit.

Source: Punch May 24, 2023 16:02 UTC