The volume of dollars traded in the Nigerian Foreign Exchange Market (NAFEM) increased by 74 percent year-on-year, reaching $22.88 billion in the first half of 2024, up from $13.11 billion in the same period in 2023.
An analysis, based on quarterly transaction data from FMDQ, revealed that turnover in the market was $12.64 billion in the first quarter of 2024. This figure declined by 19 percent quarter-on-quarter to $10.24 billion in the second quarter of 2024.
Weekly analysis of transactions in June showed that the turnover was $1.05 billion in the first week. However, it dropped by 21.5 percent week-on-week to $823.75 million in the second week.
In the third week, turnover further decreased by 36.8 percent to $520.43 million. This downward trend was reversed in the fourth week, with turnover rising by 80.6 percent to $940.17 million.
 increased by 74 percent year-on-year, reaching $22.88 billion in the first half of 2024, up from $13.11 billion in the same period in 2023.){kind=link}