The average turnover at the Nigerian Foreign Exchange Market (NFEM) increased by 75.17 per cent to US$296.16 million in the fourth quarter of 2024, compared with US$169.07 million in the third quarter (Q3) of 2024, reflecting increased trading activities in the market.
The Central Bank of Nigeria (CBN) disclosed this in its economic report for the fourth quarter 2024.
The average exchange rate of the naira per US dollar at the NFEM stood at N1,623.26/US$, compared with N1,588.64/US$ in Q32024. This represented a 2.13 per cent depreciation of the exchange rate at the NFEM during the review period, owing to increased demand pressure.