The official foreign exchange market in Nigeria has witnessed a significant increase in forex turnover, reaching $11.43 billion within a span of over two months. This surge follows fresh reforms implemented by the Central Bank of Nigeria (CBN), according to findings by the PUNCH. Analysis of reports and data from the FMDQ Securities platform, which publishes official forex trading information in the country, revealed a notable rise of 185.75 percent or $7.43 billion between January and March 15th through the Nigerian Autonomous Foreign Exchange by Deposit Money Banks.<\/p>\n
The improved liquidity at the Nigerian Autonomous Foreign Exchange Market (NAFEM) can be attributed to directives issued by the CBN on February 1, 2024, instructing banks to sell their excess dollar stock within 24 hours. This move aimed to enhance liquidity in the foreign exchange (FX) market. While the naira experienced a decline to an all-time low of N1,850\/$ at the parallel market, economists and stakeholders approved the initiative as a step towards unifying the official and parallel market exchange rates. However, concerns persist regarding the need for the CBN to address FX backlogs estimated at over $5 billion and adequately fund FX demands at the official market to prevent a widening gap between official and parallel market rates.<\/p>\n","protected":false},"excerpt":{"rendered":"
The official foreign exchange market in Nigeria has witnessed a significant increase in forex turnover, reaching $11.43 billion within a span of over two months. This surge follows fresh reforms implemented by the Central Bank of Nigeria (CBN), according to findings by the PUNCH. Analysis of reports and data from the FMDQ Securities platform, which […]<\/p>\n","protected":false},"author":19,"featured_media":23691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-23688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=23688"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23688\/revisions"}],"predecessor-version":[{"id":23705,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23688\/revisions\/23705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/23691"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=23688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=23688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=23688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}