THE volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market dropped by 39 percent, month-on-month, to $4.6 billion last month from $7.48 billion in March, 2019.
This represents the second consecutive monthly decline in the volume of dollars traded (turnover) in the window since February.
After rising by 204 percent to $9.13 billion in February, courtesy of increased inflow from foreign portfolio investors (FPIs), the monthly turnover dropped by 22 percent to $7.48 billion in March.
Mercedes-Benz maintains lead with launch of new SUVs Hence, the 39 percent decline in monthly turnover in April suggests slowdown in dollar inflow from FPIs, which accounted for 72.53 percent of total inflow in March.
Financial Vanguard analysis of weekly turnover in the window showed that $1.09 was traded in the first week of April.
Turnover fell by 11 percent to $966.3 million in the second week but rose again by six percent to $1.03 billion in the third week.
The upward trend was maintained in the fourth week as turnover rose further by17 percent to $1.2 billion.
The window recorded $342.09 million in the last two days of the month. Further analysis shows that the $4.6 billion turnover recorded in April increased year-to-date turnover to $24.2 billion, up by 24 percent from $19.61 billion in March.
However, the naira depreciated slightly by nine kobo in April as the indicative exchange rate of the window rose to N360.69 per dollar on 30th of April from N360.60 per dollar on April 1st.
Source: VON
