Market News

By BUKOLA ARO0LAMBO and DEBORAH BELLO, Lagos

Turnover on the Nigerian Foreign Exchange Market (NFEM) fell by 29.3 per cent to $2.74 billion last week from $3.87 billion in the previous week even as the value of the naira began the week on a strong note appreciating by N1.40, according to data from the Central Bank of Nigeria (CBN). The decline was $1.13 billion.

A total of 1,498 deals was recorded last week, down 4.7 per cent from the 1,572 deals recorded in the previous week. Trading was highest on Tuesday, with turnover of $777.58 million from 374 deals, while Monday recorded the lowest turnover at $423.95 million from 301 deals.

Turnover stood at $425.80 million on Wednesday and $443.81 million on Thursday. Activity increased on Friday, with turnover rising 50.5 per cent to $667.96 million from $443.81 million on Thursday, while the number of deals rose to 315 from 268.this

Meanwhile, the naira gained N1.40 against the US dollar at the official market on Monday, extending its gains for a second straight trading day. The currency traded at N1,329.80 per dollar on the NFEM, compared with N1,331.20 on Friday, representing a 0.11 per cent gain.

During Monday’s trading session, the dollar traded between N1,327.01 and N1,336.00. Despite the daily gain, the naira remained N3.50, or 0.26 per cent, weaker than the N1,326.30 per dollar recorded a week earlier.

Over last week, the naira lost N4.68, or 0.35 per cent, moving from N1,326.52 per dollar on Friday, September 11, to N1,331.20 on Friday, September 18.