NAFEM Turnover Hits $1.41bn as FX Activity Recovers
On August 17, 2026, turnover on the Nigerian Foreign Exchange Market increased to $1.41 billion, the highest level in five weeks, as trading activity rebounded from a previous decline. Data from the Central Bank of Nigeria indicated that this figure was more than seven times the $185 million recorded on August 11.
The market recorded 394 deals, including 178 interbank transactions. The turnover had fluctuated significantly in the preceding days, with figures of $607.47 million on August 12, $387.09 million on August 13, and $352.34 million on August 14.
The naira appreciated to N1,350 per dollar on August 17, compared to N1,358.25/$ in the previous session, marking an N8.25 appreciation. The weighted average exchange rate was N1,349.54, while the simple average stood at N1,350.98.
An emerging markets expert emphasized the need for sustained activity levels to improve market liquidity. Nigeria's external reserves were reported at $52.02 billion on July 20, 2026, the highest since January 2009.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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