Naira appreciation: FX turnover drops massively

Turnover at the foreign exchange market plunged to $166 million on Wednesday, 24 hours after hitting the historic $1 billion mark.

Data from FMDQ showed that the turnover of FX transactions dropped significantly to $166 million on Wednesday from $1.085 billion the previous day.

However, the naira appreciated against the dollar at the official foreign exchange market.

FMDQ data at the close of work showed that N1,262.85 was exchanged for a dollar on Wednesday, compared to N1,278.58 on Tuesday.

This represents a gain of N15.73 compared to the N1,278.58 per USD traded on Tuesday.

Meanwhile, the prices of foodstuffs remain on the high side following soaring inflation.

Nigeria’s food inflation in February skyrocketed to 37.92 per cent.