Customs increases FX rate for collection of duties from N770/$ to N783/$

Adebayo Obajemu

Forex turnover at the Investor and Exporters (I&E) windows faced a startling reversal on Tuesday, June 30, 2020, as it dipped by 88%, a huge fall from the improved liquidity that was recorded on Monday, June 29, 2020, in the foreign exchange market. This is according to data from the FMDQOTC, an exchange where forex is traded by foreign investors and exporters.

According to the latest data, forex turnover  fell  from $122.89 million on Monday, June 29, 2020, to just $14.37 million on Tuesday, June 30, 2020, which stands for  a significant drop of  88% on a day-to-day basis. This is a sharp reversal from the 242% gain recorded a day earlier and also the lowest turnover recorded in the I&E window since last week.

This development has affirmed the volatility and uncertainty of the foreign exchange market with trading volumes apparently irregular piling pressure on the exchange rate at the NAFEX market and by extension the parallel market.

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