Nigerians Hoarding Dollars Set To Lose Significant Amount; Dollar Volumes Doubles As Central Bank Under Cardoso Shakes Up Market

Nigerians Hoarding Dollars Set To Lose Significant Amount; Dollar Volumes Doubles As Nigeria Central Bank Shakes Up Market....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

The trading of dollars in Nigeria’s foreign exchange market more than doubled after the central bank unveiled a series of measures aimed at allowing the naira to trade more freely against the greenback. READ FULL ARTICLE HERE

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Data compiled by the FMDQ OTC Ltd. exchange revealed that a total of $440 million was traded in the West African nation’s foreign exchange market on Friday, marking the highest volume since June 2022. This significant increase contrasts with the $157 million traded on Thursday. These developments follow widespread outrage triggered by the significant decline of the naira in relation to other foreign currencies.

Bloomberg reports.

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Source: Bushradiogist