NFEM Turnover Falls 29% to $2.74bn as Naira Gains N1.40

Turnover on the Nigerian Foreign Exchange Market fell by 29.3 per cent to $2.74 billion last week from $3.87 billion in the previous week, a decline of $1.13 billion, according to data from the Central Bank of Nigeria. A total of 1,498 deals were recorded last week, down 4.7 per cent from the 1,572 deals in the prior week. Trading was highest on Tuesday with turnover of $777.58 million from 374 deals, while Monday recorded the lowest at $423.95 million from 301 deals. Meanwhile, the naira gained N1.40 against the US dollar at the official market on Monday, extending its gains.

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