In the first four months (January to April) of 2022, the volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange market rose to $14.53 billion.
This is a 201.5 per cent increase, year-on-year (YoY) compared to $4.82 billion in the corresponding period of 2021.
According to the monthly turnover from FMDQ securities where Naira is officially traded showed that $3.22 billion was traded in January followed by $2.13 billion in February.
For March and April, participants at the market traded $6.55 billion and $2.63 billion respectively.
The highest turnover of $6.55 billion in March represented a 336.6 per cent year-on-year (YoY) increase when compared with $1.5 billion traded in March 2021.
Meanwhile, analysts at FSDH Research in their April 2022 Macroeconomic review and outlook for Nigeria projected the average exchange rate of the naira per dollar to hit N430 by end of 2022.
They stated: “While the year to date performance of Nigeria’s exchange rate on the I&E window remains on the gaining side, the recent performance suggests increasing pressure on the currency.
“The exchange rate at the end of 2022 first quarter (Q1) appreciated by 4.3 per cent to N416.25/$ from N435/$ at the close of 2021 fourth quarter (Q4).
