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Nigeria’s foreign exchange market recorded a massive single-day turnover of $1.5bn on TuesdayThe naira strengthened against the dollar in both the official and parallel markets as liquidity improved sharply across FX segmentsCBN Governor Olayemi Cardoso credited ongoing reforms for pushing Nigeria’s net foreign reserves from about $3 billion to over $40 billion

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Nigeria’s foreign exchange market saw a dramatic surge in activity on Tuesday, with total turnover at the Nigerian Foreign Exchange Market (NFEM) climbing to $1.5 billion, up 87.63 per cent from $816.79 million recorded the previous day.

The spike in trading volume lifted the naira on both the official and parallel markets. Central Bank of Nigeria (CBN) data showed the dollar fell to N1,375.31 at the NFEM on Tuesday, a N4.80 improvement from N1,380.11 on Monday, representing a 0.35 per cent gain.

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