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Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum - Business - Nairaland

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Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by fergie001: 8:01pm On Mar 28
The daily forex turnover soared to $857 million on Thursday, March 28th, marking the highest level since the Central Bank implemented its new forex policies.

This is also the largest turnover since 2021, according to Nairametrics records, with the closest figure being $760 million on June 2nd, 2022.

The average daily forex turnover recorded in March has been around $220 million, while this year we have seen $177 million in daily average forex turnover.

Why this matters: Forex turnover is a critical metric in the financial world as it represents the total value of all foreign exchange transactions completed within a specific timeframe, providing insights into the liquidity and vibrancy of the forex market.

High turnover rates indicate a highly active market with numerous participants engaging in buying and selling currencies, which can signal investor confidence and economic stability.

Meanwhile, the exchange rate on the official market weakened slightly to N1309/$1 on close of trading compared to the N1300/$1 recorded a day earlier. However, it still falls within the 8 week low for the Naira as it continues to gain strength against the US dollar.

SOURCE

46 Likes 8 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by silvoclaira: 8:02pm On Mar 28
That's ok
Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Feintline: 8:03pm On Mar 28
All of these grammars and noise that does not reflect on the cost of living of the people are very useless.

The cost of living is hitting the sky. All these useless tallks eveyday here has no effect in the land.

Tinubu was so obsessed with getting to asorock that he didnt think or have a plan on what to do when he gets there.
The nation is a mess.
How on earth do you grab power by all means and be unprecedentedly clueless . Nothing real on ground. Nothing.
Tinubu is a premium disaster.

94 Likes 7 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by ATEAMS: 8:24pm On Mar 28
Gradually

17 Likes

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Kizyte(m): 8:24pm On Mar 28
Nigeria 🇳🇬 is survival of the fittest. According to Wyclef Jean, only the strong will survive.

How can I survive with 41 shots by my side?

The government has shot us 41 times with:
- Insecurity
- Unemployment
- Poverty
- Hunger
- Intimidation
- Police brutality
- Corruption
- Zero regard for sanctity of life
- Lack of rule of law
- Injustice...

34 Likes 3 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by AleAirHub(m): 8:24pm On Mar 28
Laughable indeed. Does this strategy affect the lifestyle of the masses? The answer is no. What happens when we deplete all our foreign exchange reserves trying to stabilize the dollar to naira exchange rate, yet we have nothing left to strengthen our reserves?.
undecided undecided undecided

14 Likes 4 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Joy2dworldxyz: 8:25pm On Mar 28
Bad news for enemies of the naira

Soon a dollar will be around 300 naira.
In Tinubu I trust......

62 Likes 7 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by LongwayGone2021: 8:25pm On Mar 28
Cab someone explain this in a more relatable language?

6 Likes 1 Share

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Boyooosa(m): 8:25pm On Mar 28
Good but ironically, those edeoots will still not bring commodity price down

29 Likes 4 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by slaawomirr: 8:25pm On Mar 28
Damnnn niggar
Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by chaddy16: 8:25pm On Mar 28
For those that don't understand English well and can't read coz of laziness. 🤣🤣
A summary below in pidgin:

The money wey dem trade for foreign exchange market for Thursday, March 28th, reach $857 million, the highest since Central Bank introduce new forex rules. Na di biggest turnover since 2021, show say plenty people dey trade. Forex turnover na di total value of currency transactions for one specific time, wey show market activity and how much money dey available. High turnover mean say market dey busy, and e show say investors get confidence and economy dey stable. Official exchange rate small-small drop to N1309/$1, but Naira still dey gain power against US dollar, reach 8-week low.

38 Likes 3 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by MajorOvakporaye(f): 8:25pm On Mar 28
Propaganda. Useless government.

9 Likes 1 Share

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Dialpad: 8:26pm On Mar 28
Nice, we pray it goes lower

3 Likes

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Zico5(m): 8:26pm On Mar 28
I wonder how some people that are speculating bad economy are even sleeping at night. This country can only be better for all of us irrespective of political affiliation but Obidients think since their candidate cannot get the seat the country must crumble. They forget that there is still tomorrow. We are waiting to see how they will sell their candidate. May God renew Nigeria and make thing better. All the enemies shall be put to shame at the end.

45 Likes 5 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by princemillla(m): 8:26pm On Mar 28
Feintline:
All of these grammars and noise that does not reflect on the cost of living of the people are very useless.

The cost of living is hitting the sky. All these useless tallks eveyday here has no effect in the land.

Tinubu was so obsessed with getting to asorock that he didnt think or have a plan on what to do when he gets there.
The nation is a mess.
How on earth do you grab power by all means and be unprecedentedly clueless . Nothing real on ground. Nothing.
Tinubu is a premium disaster.



To build a house takes time but to destroy it is just some seconds.

It's a gradual process.

46 Likes 8 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by SisterAnn(f): 8:26pm On Mar 28
grin

Thank God Nigerians are wiser, sifting propaganda and outright falsehood from reality.

2 Likes 2 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Omoawoke: 8:26pm On Mar 28
Feintline:
All of these grammars and noise that does not reflect on the cost of living of the people are very useless.

The cost of living is hitting the sky. All these useless tallks eveyday here has no effect in the land.

Tinubu was so obsessed with getting to asorock that he didnt think or have a plan on what to do when he gets there.
The nation is a mess.
How on earth do you grab power by all means and be unprecedentedly clueless . Nothing real on ground. Nothing.
Tinubu is a premium disaster.

May you find peace


ATLANTIC01:
Can someone explain to me like 2yeards old child

Imagine your mummy gives you chocolate and give your elder brother biscuit.
Let’s assume chocolate is Naira and Biscuit is dollar
But you need to exchange chocolate for biscuit to share with your friends in kindergarten … before you use to exchange 1,800 chocolates for 1 biscuit. But recently , chocolate has started to become more valuable and you now exchange less chocolate for one biscuit.
So you happy, and you decided to tell your friends that your chocolate is becoming more valuable.

19 Likes 3 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by meum: 8:27pm On Mar 28
All these naira-gains news should translate to affordable living costs for an average Nigerian. It shouldn’t be only on the pages of the newspaper.

7 Likes 1 Share

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by ATLANTIC01: 8:27pm On Mar 28
Can someone explain to me like 2yeards old child
Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by ngwaIgbo223: 8:27pm On Mar 28
Very good one.
Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by LibertyRep: 8:27pm On Mar 28
May Nigeria succeed

4 Likes

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by sofeo(m): 8:28pm On Mar 28
It will soon be well.
Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by ednut1(m): 8:28pm On Mar 28
Speculators currently weeping 😭

12 Likes 1 Share

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Inosky(m): 8:28pm On Mar 28
Story. Until it goes to N216 /$ as it was during Jonathan's regime and the price of food like rice falls to 7-8k no need to praise this APC government. There's hunger in the land and people are silently dying, they're still carrying cheap propaganda.

3 Likes 3 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by akinmusi(m): 8:28pm On Mar 28
Feintline:
All of these grammars and noise that does not reflect on the cost of living of the people are very useless.

The cost of living is hitting the sky. All these useless tallks eveyday here has no effect in the land.

Tinubu was so obsessed with getting to asorock that he didnt think or have a plan on what to do when he gets there.
The nation is a mess.
How on earth do you grab power by all means and be unprecedentedly clueless . Nothing real on ground. Nothing.
Tinubu is a premium disaster.



Go and ask your companions who keeps chanting keep the dollar

15 Likes 1 Share

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by orikoku: 8:28pm On Mar 28
Hoarders how far. They'll start to dey cry cry now. Offload it now before it get to 500 naira.

18 Likes 1 Share

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Kaiser20: 8:29pm On Mar 28
LongwayGone2021:
Cab someone explain this in a more relatable language?
Yes, it's all mere rhetorics.
the whole episode does not reduce hunger.
The government is full of propaganda

1 Like

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by jmoore(m): 8:29pm On Mar 28
It is still NOT an all time record.
Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Dogalmighty17: 8:29pm On Mar 28
In simple terms, what the report is saying is that there is an increased flow of dollars and it has led to an active fx market. Most of the dollar injections aren't from the cbn. Rather they are from those who have held dollars for reasons I won't go into here.

The CBN has given everyone with hidden dollars a window to dispose of them and those who have hoarded dollars are gradually offloading them.

The dollar can still come down since no genuine economic factor was behind its rise.

There is a muted but substantive level of panic among dollar hoarders at the moment.

16 Likes

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by waternogetememy: 8:29pm On Mar 28
TINUBU TAKE UNA HEAD DEY PLAY PING PONG


WAIT FOR THE 4000NAIRA ANNOUNCE BEFORE DEC.

1 Like 2 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by reiddecuti: 8:29pm On Mar 28
Naira just dey uppercut dollars anyhow now for paper while in reality prices of goods are not coming down.

Abeg, who do us


As Naira dey gain anyhow against dollars, make e take so sexy reflect on prices of goods in the market.


Why be say anything that goes up in this country never comes down?

5 Likes 2 Shares

Re: Daily FX Turnover Jumps To Record $857 Million As Naira Gains Momentum by Parydelegate: 8:29pm On Mar 28
Summary

Traders are trading....speculators are speculating leading to increase in daily transaction volume.

Recommendation

Buy 💵 to save the naira

grin grin grin

1 Like 2 Shares

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