FMDQ Records Turnover of N22.98tn ($44bn) in First Seven Months of 2023

August edition of FMDQ Spotlight, a monthly publication by the exchange, has disclosed that the turnover of foreign exchange on the FMDQ (Financial Markets Dealers’ Quotation) platform grew to an N22.98tn ($44bn) during the period spanning from January to July 2023.

This achievement solidifies FMDQ’s position as the sole recognized forex market, a development that followed the Central Bank of Nigeria’s harmonization of foreign exchange rates in June.

During the 141 business days analyzed within this seven-month period, FMDQ reported an average daily turnover of N866.21bn ($1.67bn).

The year-to-date average exchange rate for the naira against the dollar stood at N519.35 per dollar.

Commenting on this substantial turnover, the exchange stated, “The total turnover for the period spanning January to July 2023 reached a staggering N122.14tn.”

In another noteworthy development, the Naira exhibited resilience as it strengthened by 0.39 per cent in the Investor & Exporter window on a recent Tuesday, rising from N747.87 per dollar at the close of trading on Monday to N744.97 per dollar. Notably, the daily turnover on Monday reached $74.64m.

Meanwhile, at the parallel market, two Bureau De Change operators located on Lagos Island reported that they sold the American dollar at N925 and bought it at N920 per dollar on the same Tuesday.

These significant financial developments underscore the stability and growth in Nigeria’s foreign exchange market, which continues to attract attention and investment on both domestic and international fronts.