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Tuesday, June 6, 2023

Dollar Liquidity Rises to 1-month High as Turnover Tops $122mn

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Dollar liquidity on the Investor and Exporters (I&E) Foreign Exchange (FX) window rose to a one-month high yesterday as turnover hit $122.89 million.

The last time trading values were close to this level was on May 29, 2020 when it hit $156.7 million, according to data compiled by MoneyCentral.

Oil prices have largely rebounded from the lows hit at the depths of the corona virus induced selloff and Brent crude trades close to $40 per barrel.

Proceeds from the sale of crude oil is responsible for up to 95 percent of the dollar inflows from exports.

MoneyCentral reported exclusively last week that Nigeria’s current account deficit widened in the First Quarter (Q1) of 2020, from a year ago as exports fell and foreign portfolio investors exited the market.

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