Nigeria’s foreign exchange (FX) market saw remarkable growth in November 2024, with total turnover reaching $14.39 billion, equivalent to N23.95 trillion. This was revealed in the latest FMDQ Markets Monthly Report.

The report highlighted that the FX turnover for the spot and derivatives markets totaled N58.22 trillion and N0.81 trillion, respectively. The Spot FX Market experienced a significant 42.69% increase, rising from $10.08 billion in October 2024 to $14.39 billion in November 2024.

Analysts attribute this growth to higher investor activity and adjustments in FX rates, as businesses and individuals adjusted to ongoing changes in the market. Despite the surge in turnover, the naira fluctuated against the dollar, trading between N1,639.50 and N1,690.37 per dollar during the review period.

This rise in turnover reflects the resilience of Nigeria’s financial sector amidst evolving market conditions, signaling growing investor confidence in the FX market.