The Investors and Exporters (I&E) window of the foreign exchange market experienced a significant decline in turnover by 46 percent, from $2.6 billion in March to $1.4 billion in April 2023.

This is in contrast to the 52.9 percent increase recorded in March from $1.7 billion in February. The decline in April's I&E turnover could be attributed to the nation's external reserves' consistent decrease, which persisted throughout the month.

 The external reserves fell by $246 million to $35.251 billion on April 28th, from $35.497 billion at the end of March.

This represents a 4.9 percent decline or $1.83 billion since the end of 2022 when it was $37.083 billion.

Financial analysts have projected a possible depreciation of the naira in the coming months due to the depletion of the nation's foreign reserve and the Central Bank of Nigeria's hike in the inflation rate to 17.5 percent in January.

The continued depletion of external reserves could limit the CBN's ability to support the naira, leading to a further decline in the currency.

source; Vanguardngr.com

link;https://www.vanguardngr.com/2023/05/forex-turnover-in-ie-falls-46-to-1-4bn/