The Nigerian international change market noticed a historic surge in exercise on Friday, November 8, with a record-breaking turnover of $1.403 billion, the best single-day transaction quantity tracked by Nairametrics.
This surpassed the earlier excessive of $857 million recorded on March 28, underscoring a day of intensified buying and selling and liquidity circulation. To place this into context, day by day average day by day turnover for the month of October was $245 million.
Friday’s buying and selling closed with the naira exchanging at N1,678/$1, amid continued excessive demand for the greenback, contributing to the elevated provide noticed.
Market turnover signifies the amount of international foreign money transactions inside a buying and selling day, and better turnover typically suggests stronger liquidity as patrons and sellers interact extra actively.
Foreign money Developments: All through 2024, the naira has confronted growing depreciation pushed by excessive inflation and financial imbalances.
The unprecedented turnover on Friday will be attributed to elevated demand from companies and traders urgently in search of {dollars}.
As a response to mounting stress, the CBN has been injecting foreign exchange into the official market to maintain liquidity ranges.
