Nigeria’s Volume Of Transaction In Forex Market Surges To $800m

Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, says for the first time in a long while, the country’s volume of transactions in the foreign exchange market rose to $800 million.

He disclosed this while addressing members of the House of Representatives at the sectoral debate on the economy.

Cardoso said he is confident that with the recent policy intervention by the CBN, the Nigerian economy will bounce back stronger.

“I am confident that positive outcomes are emerging and will become more apparent shortly. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.

“On that note, I am happy to inform you that the volume of transactions on our market was over $800 million. This is the first time it has achieved this level in many years,” he said.

Recall that Naira fell to N1,500 against the US dollar last week Monday before easing to N1,419.86 on Monday.

However, Data from FMDQ on Tuesday showed that the country’s currency fell to N1,433.89 per U.S. dollar.

According to reports, it recalls that in the last seven days, CBN had released four policy reforms to wrestle down the free fall of Naira.

CBN issued ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ last week.

Also, the CBN released a guideline last Wednesday to curb foreign currency hoarding and speculation.

The country’s apex bank also issued fresh guidelines for International Money Transfer Operators in Nigeria and removed the cap on the exchange rate quoted by IMTOs.

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