Forex Inflow in FMDQ Declines by 16.5% in 1 Week as Naira Gains [Video]

• Foreign exchange inflows in the official market dropped significantly by 16.5% in one week
• Weekly analysis shows that the FX market dropped to $1,087 million compared to the $1,302 million recorded the previous week
• Meanwhile, the naira strengthened on Monday, August 5, 2024, to trade at N1,607.15 per dollar

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

FX Spot and Derivatives markets’ turnover for the week ended August 2, 2024, stood at $1.087 million, representing a decline of 16.5% or $215.24 million from $1.302.57 million recorded on July 26, 2024.

Weekly analysis on the FMDQ Securities Exchange shows a decrease in total turnover, which was driven by the 16.8% decline in FX spot turnover. The total value was $1.087.72 million compared to the $1.302.57 million recorded in the week ended July 26, 2024, erasing the $3.61 million increase in FX derivatives turnover.