Amidst Investors & Exporters Demand, FX Turnover on FMDQ Reached N56.52trn in 2022 Kayode Tokede Amid investors and exporters demand, foreign exchange sales increased to N56.52 trillion in 11 months of 2022, representing an increase
Amid investors and exporters demand, foreign exchange sales increased to N56.52 trillion in 11 months of 2022, representing an increase of 10.1 per cent over N51.34 trillion recorded in 11 months of 2021, a report by FMDQ Exchange has revealed.
Analysts have expressed that the intense supply of FX at the investors and exporters window has impacted economic growth, stressing the role CBN has played. He said that the slow growth in business activities in the first five months of 2022 affected foreign exchange turnover traded, attributing it to uncertainty in the global economy amid hike in inflation rate.
According Omordion, “the Nigeria economy has witnessed more business activities in the 11 months of 2022 and demand for FX has increased significantly.” “In a bid to reduce the pressure on the Naira, the CBN introduced the RT200 non-oil export proceed repatriation rebate scheme to enhance FX inflow, diversify the sources of foreign inflow, increase the contribution of non-oil exports, ensure stability and sustainability of FX inflows, and support oriented companies to expand their export operations and capabilities.
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