According to information acquired from FMDQ Exchange on Thursday, February 8, the total value of transactions recorded at the official Nigerian Autonomous Foreign Exchange Market decreased from $465.29 million on Tuesday to $203.93 million on Wednesday, February 7. This shows that the volume and value of transactions on NAFEM, the official FX market, have decreased by 56% according to the FMDQ site.
The value of FX transactions on the platform steadily increased after a series of circulars from the Central Bank of Nigeria, which was followed by this decline in FX transactions. Among other things, the CBN issued circulars last week requiring banks to sell their surplus dollar-holding