The Nigerian foreign exchange market saw a historic surge in activity on Friday, November 8, with a record-breaking turnover of $1.403 billion, the highest single-day transaction volume tracked by Nairametrics.
This surpassed the previous high of $857 million recorded on March 28, underscoring a day of intensified trading and liquidity flow. To put this into context, daily average daily turnover for the month of October was $245 million.
Friday’s trading closed with the naira exchanging at N1,678/$1, amid continued high demand for the dollar, contributing to the increased supply observed.
What the data is saying
- Closing Exchange Rate: The naira ended at N1,678/$1 on Friday, maintaining its all-time high close set a day earlier.
- Intra-day Highs and Lows: Friday saw an intra-day high of N1,698/$1 and a low of N1,609/$1, with the prior day reaching an intra-day peak of N1,700 and a low of N1,635/$1.
- The sustained high levels over two days reflect the ongoing strain in the…