Nigeria, May 16 -- The Central Bank of Nigeria has revealed that Nigeria's average daily foreign exchange turnover has risen to over $400 million, up from about $100 million recorded in 2023, reflecting growing investor confidence.

CBN said the rise in Nigeria average daily foreign exchange turnover also reflects improved market liquidity following ongoing reforms in the foreign exchange market.

The increase was disclosed by CBN governor, Olayemi Cardoso, at the launch of the revised Foreign Exchange Manual (4th Edition) in Abuja on Friday.

According to Mr Cardoso, the recorded average daily turnover was about $100 million in late 2023 when the governor assumed office, but the figure has now increased significantly as a result of refor...