Turnover in I&E Falls by 39% to $4.6 Billion in April

Enterprise Network-Turnover in I&E Falls by 39% to $4.6 Billion in April

Turnover in I&E Falls by 39% to $4.6 Billion in April

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market dropped by 39 percent, month-on-month, to $4.6 billion last month from $7.48 billion in March, 2019.

This represents the second consecutive monthly decline in the volume of dollars traded (turnover) in the window since February.

After rising by 204 percent to $9.13 billion in February, courtesy of increased inflow from foreign portfolio investors (FPIs), the monthly turnover dropped by 22 percent to $7.48 billion in March.

Hence, the 39 percent decline in monthly turnover in April suggests slowdown in dollar inflow from FPIs, which accounted for 72.53 percent of total inflow in March.

Further analysis shows that the $4.6 billion turnover recorded in April increased year-to-date turnover to $24.2 billion, up by 24 percent from $19.61 billion in March.

However, the naira depreciated slightly by nine kobo in April as the indicative exchange rate of the window rose to N360.69 per dollar on 30th  of  April from N360.60 per dollar on April 1st.

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