As of the end of November 2024, the total turnover in the foreign exchange market reached $14.39 billion (N23.95 trillion).
This information comes from the FMDQ Markets Monthly Report recently
The report indicates that the combined FX turnover for both the spot and derivatives markets was N58.22 trillion and N0.81 trillion, respectively.
Notably, the Spot FX Market turnover saw a significant increase of 42.69 percent, rising by $4.30 billion from the $10.08 billion recorded in October 2024.
“The total turnover for the Spot and Derivatives Market in November 2024 was N58.22 trillion and N0.81 trillion, respectively. The Spot FX Market turnover amounted to $14.39 billion (N23.95 trillion), reflecting a month-on-month increase of 42.69 percent ($4.30 billion) compared to the $10.08 billion recorded in October 2024,” the report detailed”
Experts attributed this growth to increased investor activity and adjustments in the FX rate.
This comes amid the continued Naira fluctuations against the dollar at the FX market.
In this period the naira traded within a range of N1,639.50 per dollar to N1,690.37 per dollar.
