Naira Recovers to N1,330.87/$ at NFEM as Daily Forex Turnover Hits $619.22m

The naira recovered to N1,330.87/$ at the Nigerian Foreign Exchange Market (NFEM) as trading activity picked up at the start of the week.

NFEM turnover reached $619.22 million on Monday. That was the highest daily level since September 23. It was about 35 per cent above last week’s average daily turnover of $459 million.

Higher market activity

Trading activity was stronger at the start of the week. The $619.22 million turnover was the highest daily level since September 23. It was about 35 per cent above last week’s average daily turnover of $459 million.

Cordros outlook

Analysts at Cordros Research say they expect the naira to remain broadly stable around current levels in the near term. They point to resilient portfolio inflows, strong foreign reserves and a continued current account surplus.

What it means

The recovery to N1,330.87/$ and the higher turnover show improved activity at the NFEM. If the Cordros view holds, a broadly stable naira would help businesses and consumers plan import costs and other foreign exchange obligations.