NAFEM Turnover Hits Five-Week High At $1.41bn

Turnover on the Nigerian Foreign Exchange Market rose to $1.41bn on August 17, its highest level in about five weeks.

The figure marked a sharp rebound from the $185m recorded on August 11 and came as the naira strengthened at the official market.

Punch, citing Central Bank of Nigeria data, reported that the August 17 turnover was the highest since July 21, when activity stood at $1.53bn. Daily Trust also reported the same five-week high at $1.41bn.

Punch said the market recorded 394 deals during the session, including 178 interbank transactions. It also reported that turnover moved from $607.47m on August 12 to $387.09m on August 13 and $352.34m on August 14 before the jump on August 17.

The naira closed at N1,350 to the dollar on August 17, compared with N1,358.25 at the previous session, according to the reports.

The rebound points to heavier trading at the official window after a slow start to the previous week, though the market remains exposed to swings in dollar supply and demand.

Sources: Punch, Daily Trust