at ₦14.13 trillion, representing a month-on-month decrease of ₦6.41 trillion from ₦20.54 trillion in December 2021
According to the exchange, the MoM decrease in total FX market turnover was driven by the 25.03 per cent and 53.02 per cent MoM decrease in FX spot and FX derivatives turnover, respectively in January 2022. In addition, it noted that FX and money market ) transactions were the highest drivers of market turnover, accounting for 57 per cent of the total FIC markets turnover within the period.
Further analysis of the report showed that the Naira appreciated against the US Dollar, gaining 0.06 per cent to close at an average of $/₦416.55 in January 2022 from $/₦416.81 recorded in December 2021. Average discount rates for CBN OMO bills with comparable tenors remained flat within the range of 7.00 per cent – 10.10 per cent in January 2022.