Forex: Turnover in I&E falls 32% to $20.3bn in 9 months


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By Elizabeth Adegbesan

The volume of transactions (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange (forex) market fell   by 32 per cent, in   nine months (January – September 2021) to $20.25 billion   from $26.8 billion in the corresponding period of 2020.

Financial Vanguard findings from the forex data of the Central Bank of Nigeria, CBN, showed that in the first quarter of the year (Q1’21) turnover stood at $3.7 billion.

In Q2’21, turnover rose sharply by 80 percent to $6.64 and up again by 49 per cent to $9.91 billion in Q3’21.

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However, the data indicated that Year-on-Year (YoY) turnover fell by 82 percent to $3.7 billion in Q1’21 from $20.49 billion in Q1’20.

But the Q2’21 turnover indicated a massive YoY jump by 166 percent to $6.64 billion from $2.5 billion in Q2’20.

Similarly, on YoY basis the Q3’21 turnover also indicated a huge…

Source: Vanguard Newspaper