On Thursday, March 28th, the daily forex turnover witnessed a remarkable surge to $857 million, marking the highest level since the Central Bank introduced its new forex policies.
Gatekeepers News reports that this figure is also the largest turnover recorded since 2021, with the closest amount being $760 million on June 2nd, 2022.
On average, the daily forex turnover recorded in March has been around $220 million, while this year’s daily average forex turnover stands at $177 million.
Meanwhile, the exchange rate on the official market weakened slightly to N1328.51/$1 on the close of trading on Thursday, compared to the N1309.39/$1 recorded on Wednesday.
Although it has gained strength against the US dollar, the Naira’s value continues to remain within the 8 week low range.
