NAFEM turnover rises to $1.41bn as FX activity rebounds

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Turnover on the Nigerian Foreign Exchange Market rose to $1.41bn on 17 August, 2026, marking the highest level in five weeks as trading activity recovered from the sharp decline recorded earlier in the month.

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Data from the Central Bank of Nigeria showed that the latest turnover was more than seven times the $185m recorded on 11 August.

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The 17 August figure was the highest since 21 July, when NAFEM turnover stood at $1.53bn.

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The market recorded 394 deals during the session, including 178 interbank transactions.

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The increase followed significant fluctuations in FX activity over recent trading sessions. Turnover rose to $607.47m on 12 August after falling to the 11-week low of $185m on 11 August.

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Activity subsequently declined to $387.09m on 13 August and $352.34m on 14 August before surging to $1.41bn on 17 August.

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The increase in market activity was accompanied by a stronger naira at the official FX market.

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The currency closed at N1,350 per dollar on 17 August, compared with N1,358.25/$ at the previous session.

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This represented an N8.25 appreciation against the dollar.

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The weighted average exchange rate was N1,349.54/, while the simple average stood at N1,350.98/.

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The latest closing rate was also stronger than the N1,365/$ recorded on 11 August, when NAFEM turnover reached its recent low.

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According to an emerging markets expert, there is a need for the sustenance of this trend to deepen the FX market.

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“The increase in NAFEM turnover is encouraging, but the key issue is whether the higher level of activity can be sustained. A few large transactions can significantly distort daily turnover, so we need to see consistent volumes over several trading sessions before concluding that market liquidity has materially improved,” he warned.

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The latest FX market development comes as Nigeria’s external reserves remain at elevated levels.

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The CBN data showed that reserves reached $52.02bn on 20 July 2026, the highest level since January 2009.

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The reserve position had already exceeded the CBN’s December projection of $51.04bn for the full year.

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