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The Foreign Exchange (FX) market is a market for trading and exchanging any currency pair. The value of one currency in terms of another currency is known as the “Exchange Rate”. Exchange rate movements are determined by the demand and supply for the relevant currencies in any currency pair over time, based on trade value, capital flows and market expectations.
Key participants in the Nigerian FX market includes:
The Nigerian FX market consists of various participation segments or windows for trading FX:
The USD/Naira ($/₦) currency pair is the most traded in the Nigerian FX market. However, Authorised Dealers also deal FX transactions involving Euros (EUR), Pound Sterling (GBP), Chinese Yuan (CNY), Japanese Yen (JPY), Canadian Dollars (CAD), Swiss Francs (CHF) and South African Rand (ZAR).
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