NAFEM Turnover Hits $1.41bn, Highest in Five Weeks

On August 17, 2026, turnover on the Nigerian Foreign Exchange Market (NAFEM) surged to $1.41 billion, marking the highest level in five weeks. This figure is more than seven times the $185 million recorded on August 11, when market activity fell to an 11-week low.

The turnover on August 17 was the highest since July 21, when it reached $1.53 billion. The market recorded 394 deals, including 178 interbank transactions, indicating increased participation.

The naira closed at N1,350/$ on August 17, gaining N8.25 against the dollar from N1,358.25/$ on August 14. The weighted average exchange rate was N1,349.54/$, while the simple average was N1,350.98/$.

Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, attributed the surge partly to large transactions by major corporate players, including importers of raw materials and government projects requiring foreign inputs.