Foreign exchange turnover in the Nigerian Autonomous Foreign Exchange Market (NAFEM) risen annually by 61.9% to $43.09 billion in 11 months from $26.6 billion in the same period in 2023.

According to data from the FMDQ Exchange on quarterly transactions in the market, the FX turnover was at $12.64 billion in the first three months of 2024 and fell quarterly by 19% to $10.24 billion in the second quarter of 2024.

The fall continued in the third quarter when turnover fell by 0.87% to $10.15 billion.

The turnover rose in October by 63% to $5.4 billion from $3.31 billion in September and increased again by 13.5% monthly to 6.13 billion in November.

However, in November, the Nigerian currency saw a mixed performance in the foreign exchange windows.

The naira appreciated by N2.8 or 0.16% to N1,672 per dollar at the end of November from N1,675.49 per dollar it traded in October.

The local currency, however, lost N10 or depreciated by 0.5% in the parallel market. Dealers in the black market traded the US greenback at N1,745 at the end of November as against the N1,730 it traded in October.

Consequently, the gap between the parallel market rate and the official window grew to N73.31 per dollar in November from N54.61 in October.