The FMDQ, between January and July 2023, recorded a total foreign exchange turnover of N22.98tn ($44bn), as reported in the August edition of the FMDQ Spotlight, a monthly publication issued by the exchange.

Following the Central Bank of Nigeria’s rate harmonization in June, FMDQ has emerged as the sole recognized forex market in the country.

The data provided in the newsletter indicated that the average daily turnover during the 141 business days in this period amounted to N866.21bn ($1.67bn), with the average year-to-date exchange rate for the naira at N519.35 per dollar.

The exchange commented on this impressive turnover, stating that the total for the January to July 2023 period reached N122.14tn.

The Nigerian Naira demonstrated strength by appreciating 0.39 percent in the Investor & Exporter window, rising from N747.87 per dollar to N744.97 per dollar, with a daily turnover of $74.64 million on Monday.

In the parallel market, two Bureau De Change operators in Lagos Island reported selling the US dollar at N925 and buying it at N920 per dollar.