NFEM Turnover Drops 29.3% to $2.74bn as Naira Gains N1.40
By Aboki Forex —
By Bukola Aro0lambo and Deborah Bello, Lagos
Turnover on the Nigerian Foreign Exchange Market (NFEM) fell 29.3 per cent to $2.74 billion last week from $3.87 billion in the previous week, according to Central Bank of Nigeria (CBN) data. The decline was $1.13 billion. The naira also started the week stronger, gaining N1.40 against the US dollar at the official market on Monday.
Deals and daily turnover
A total of 1,498 deals was recorded last week, down 4.7 per cent from the 1,572 deals recorded in the previous week. Trading was highest on Tuesday, with turnover of $777.58 million from 374 deals. Monday recorded the lowest turnover at $423.95 million from 301 deals.
Turnover stood at $425.80 million on Wednesday and $443.81 million on Thursday. Activity increased on Friday, with turnover rising 50.5 per cent to $667.96 million from $443.81 million on Thursday. The number of deals rose to 315 from 268.
Naira extends gain
The naira gained N1.40 against the US dollar at the official market on Monday, extending its gains for a second straight trading day. The currency traded at N1,329.80 per dollar on the NFEM, compared with N1,331.20 on Friday, representing a 0.11 per cent gain.
During Monday's trading session, the dollar traded between N1,327.01 and N1,336.00. Despite the daily gain, the naira remained N3.50, or 0.26 per cent, weaker than the N1,326.30 per dollar recorded a week earlier.
Weekly movement
Over last week, the naira lost N4.68, or 0.35 per cent, moving from N1,326.52 per dollar on Friday, September 11, to N1,331.20 on Friday, September 18.
The weekly loss and the Monday rebound show the official market remains volatile. That matters for importers and businesses that price goods and inputs off the dollar rate.