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Foreign exchange transactions at the Investors’ & Exporters window declined by 17.2 per cent last week, according to FMDQ Securities Exchange Limited.
It said the total turnover in the forex spot and derivatives markets was $677.44m, representing a decrease of 24.93 percent from $902.45m reported for the previous week. It added that forex derivatives’ contribution to total forex market turnover dropped to 27.69 percent from the 34.58 percent recorded in the previous week.
“It serves as not only a source of price discovery but also a barometer for measuring potential and actual CBN intervention in the market. Some of the exchange rate determinants are balance of payments, capital inflows and trade balance.”
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