Pascal Arogorn Ibe
MONEY MARKET
The volume of US Dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market shot up by 135 percent, month-on-month, to $1.98 billion in September from $843.97 million in August 2020.
This is coming after a two months consecutive decline in turnover since July when turnover stood at $937.27 million.
The development suggests a rise in dollar inflow from Foreign Portfolio Investors (FPIs) after an ease in lockdown due to global CoronaVirus Pandemic.
Vanguard analysis of weekly turnover in the window shows that $278.25 million was traded in the first week of September.
Turnover dropped by 38 percent to $172.39 million in the second week and rose massively by 393 percent to $849.65 million in the third week, before dropping by 59 percent to $350.9 million in the fourth week of September.
However, turnover stood at $330.07 million in the last three day of the fifth week.
The naira remained stable as the indicative exchange rate of the window stood at N386 per dollar on the 1st and 30th of September.
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