Dele Oye Warns of Naira's Vulnerability Amid FX Surge

Hon. Dele Oye, Chairman of the Alliance for Economic Research and Ethics (AERE), expressed concerns regarding the $4.4 billion Foreign Exchange (FX) turnover recorded in the week ending July 24, 2026.

He stated that this figure reveals underlying fragility in Nigeria's currency market rather than indicating its strength. Oye noted that while the trading volume reflects the market's capacity for large transactions, it should not be mistaken for a resilient FX market.

He highlighted that the FX market turnover increased by 83.38% from $2.386 billion the previous week, marking the first weekly turnover above $4 billion this year. Oye pointed out that high trading volumes do not necessarily equate to improved liquidity or access to foreign exchange.

He warned against interpreting the record turnover as a sign of lasting market improvement, citing volatility in weekly turnover figures. Oye also raised concerns about the dollarisation of the economy, referencing Dangote Petroleum Refinery's temporary decision to price fuel in dollars.