Revealed: How FX turnover rose in July to N11.01 trillion
The Nigerian foreign exchange market experienced a massive dollar inflow in July to $7.4 billion or N11.01 trillion compared to the N10.01 trillion recorded in June.
The Nigerian foreign exchange market experienced a massive dollar inflow in July to $7.4 billion or N11.01 trillion compared to the N10.01 trillion recorded in June.
Overseas credit card spending saw a significant rise post Covid-19 travel restrictions easing, outpacing prepaid payment instruments and debit cards. Despite a higher tax rate of 20% on international credit card transactions, spending increased by 63% between December 2022 and July 2024, driven by higher reward points and convenience. Debit cards saw only an 8% rise.
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