Nigerian local currency keeps profiting from the output cut in Oil prices by the major oil-producing countries as the exchange rate remained stable at N455 to a dollar on Monday. This was the same exchange rate that was recorded on Friday.
The latest development comes amidst reports that the Foreign Exchange market in Nigeria got a major boost.
Naija News Understands that the Forex turnover at the Investor and Exporters (I&E) window rose by 66.42% on Monday, June 22, 2020, providing a semblance of a boost to liquidity in the foreign exchange market. This is according to data from the FMDQOTC, an exchange where forex is traded by foreign investors and exporters.
According to the data tracked by Nairametrics, forex turnover rose from $38.12 million last week Friday to $63.44 million on Monday representing a 66.42% increase day on day