The value of transactions traded at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) stood at $3.01 billion in June, according to the data published by the FMDQ Group and seen by Investors King.
This represents an increase of 19.4 percent when compared to the $2.52 billion recorded in the month of May.
On Friday 23, July 2021, investors’ transaction value was estimated at $135.28 million.
The NAFEX was introduced by the Central Bank of Nigeria in April 2017 in response to the continuous fall of the Naira.
In the FMDQ Group introductory statement of NAFEX window, the group said “This Market Notice is issued pursuant to the Central Bank of Nigeria (“CBN”) circular dated April 21, 2017 (Ref: FMD/DIRCIR/GEN/08/007) and titled Establishment of Investors’ & Exporters’ FX Window which provides in clause 4.0 that in order to support appropriate benchmarking and facilitate derivatives activities in the newly established Investors’ & Exporters’ FX Window (the “Window”), FMDQ OTC Securities Exchange (“FMDQ”) will be developing and publishing a new fixing called NAFEX – the Nigerian Autonomous Foreign Exchange Rate Fixing.
“NAFEX is the FMDQ reference rate for foreign exchange (“FX”) activities in the Investors’ & Exporters’ FX Window and is designed to represent Spot FX market rates in the Window. NAFEX rates will be generated independently and objectively and published every business day at 12 noon or at a time advised by FMDQ.”