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FOREX: Turnover in I&E falls 6% to $2.75 bn in July

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FOREX: Turnover in I&E falls 6% to $2.75 bn in July

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell by six per cent, month-on-month, to $2.75 billion in July from $2.92 billion in June 2021. 

The fall in turnover suggests a rise in dollar inflow from Foreign Portfolio Investors (FPIs). 

analysis of weekly turnover in the window showed that $299.35 million was traded in the first week of July.  

Turnover rose by 101 per cent to $600.78 million in the second week and up by 22 per cent to $729.96 million in the third week. 

The upward trend reversed in the fourth week as turnover fell by 55  per cent to $331.28 million.

However, turnover rose by 137 per cent to $786.38 million in the fifth week.

Meanwhile, the naira depreciated by 74 kobo during the period as the indicative exchange rate of the window rose to N411.44 kobo per dollar on July 30th from N410.70 per dollar on July 1 2021.

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