Currencies
Dollar Volumes Double as Nigeria Central Bank Shakes Up Market
- The $440 million traded on Feb. 2 is most since June 2022
- Reforms saw Nigeria’s currency weaken 38% to dollar last week
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Dollars trading more than doubled in Nigeria’s foreign-exchange market after the central bank announced a series of measures that enabled the naira to trade more freely against the greenback.
A total of $440 million traded in the West African nation’s foreign-exchange market on Friday, the highest since June 2022, according to data compiled by the FMDQ OTC Ltd. exchange. That compares with $157 million on Thursday.