NFEM Turnover Falls 29% to $2.74bn as Naira Gains N1.40

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 ...