Forex: Traded volume turnover falls by 6% to $937m

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market dropped by 6 per cent to $937.27 million last month from $992.12 million in June, 2020.

In July, the exchange rate of the window rose to N389.25 per dollar from N386.50 while naira also depreciated by N2.75 kobo.

Monthly turnover in the I&E window showed that turnover dropped by six percent in January 2020 to $5.6 billion from $5.3 billion in December 2019. In February 2020, turnover rose by 31 percent to $7.34 billion and up by 3.0 percent to $ $7.55 billion in March. However, turnover fell sharply by 88 percent to $873.96 million in April and down by 30 percent to $612.45 million in May. Turnover ticked up in June by 62 percent to $992.12 million.