By Elizabeth Adegbesan

The volume of dollars traded in the Investors and Exporters (I&E) window of the Nigerian foreign exchange (Forex) market rose by  47 per cent, Year-on-Year (YoY)    to  $25.14 billion, in the eight months to August 2022 (8M’22) from    $17.12 billion in the corresponding period of 2021 (8M’21). This follows the 13 per cent Month-on-Month (MoM) increase to $2.34 billion recorded in August  from $2.7 billion in July 2022.  

The upward trend  in August contradicts the downward trend in July when turnover dropped  17 per cent MoM  to $2.7 billion from N3.34 billion in June. 

Financial Vanguard findings from the August transactions data in the window as published by FMDQ showed that  turnover stood at $524.87 million in the first week of August from where it fell by 10 per cent to $470.62 million in the second week.  

The downward trend continued in the third week as turnover fell by 11.8 per cent to $415.05 million but it reversed in the fourth  week, when it rose sharply by 37 per cent to $661.48 million.

Turnover stood at $263.6 in the last three days of August.

Meanwhile, the Naira depreciated by 44 kobo in the I&E window in August.  

Data from FMDQ showed that the indicative exchange rate for the window rose to N429.44 per dollar on August 31st, 2022 from N429 per dollar on the 29th of July.  

However, the Naira appreciated by N14 in the parallel market.

Financial Vanguard findings from traders in the parallel market showed that the exchange rate for the market fell to N698 per dollar on the 31st of August from N712 per dollar on the 29th of July.