Data from the Central Bank of Nigeria has revealed that the average foreign exchange turnover grew by 180.47 per cent in one year to $240.64m as of the end of February.
This is an increase from the average FX turnover of $85.80m recorded in February 2023. This was disclosed in the Central Bank of Nigeria Economic Report of February 2024 released by the apex bank on Tuesday.
Month-on-month, average FX turnover on the official window rose by 131.59 per cent in February to $240.64m compared with $103.91m in January reflecting increased trading activities in the foreign exchange market in the period under review.
Between January and February, the CBN said the Nigerian economy recorded a higher net inflow, driven largely by increased inflow through the Bank and autonomous sources.
Foreign exchange flows through the economy resulted in a net inflow of $6.45bn, as against the $2.40bn in January. A breakdown indicated a net inflow of $4.99bn and $1.46bn through autonomous sources and the Bank, respectively.
