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FX spot market turnover rises by 85.6 per cent on FMDQ

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Foreign Exchange spot and derivatives markets recorded a turnover of $1,641.18 million for the week ended March 22, 2024, representing an increase of 85.6 per cent ($756.88 million) from $884.3 million achieved in the previous week.

Foreign Exchange spot and derivatives markets recorded a turnover of $1,641.18 million for the week ended March 22, 2024, representing an increase of 85.6 per cent from $884.3 million achieved in the previous week.Foreign Exchange spot and derivatives markets recorded a turnover of $1,641.18 million for the week ended March 22, 2024, representing an increase of 85.6 per cent from $884.3 million achieved in the previous week.

In addition, the average Nigerian Autonomous Foreign Exchange Fixing rate within the period was $/₦1,504.58, compared to $/₦1,607.38 recorded in the week ended March 15, 2024. Trading in the top three equities namely United Bank for Africa Plc, FBN Holdings Plc and Access Holdings Plc accounted for 564.882 million shares worth N16.99 billion in 8,493 deals, contributing 32.6 per cent to the total equity turnover volume.

Foreign Exchange spot and derivatives markets recorded a turnover of $1,641.18 million for the week ended March 22, 2024, representing an increase of 85.6 per cent from $884.3 million achieved in the previous week. There are increasing Fintechs adopting Artificial Intelligence technologies for content creation in Nigeria, a report by Africa Fintech Summit has revealed.

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