Naira Gains 2% Against Dollar as NFEM Sees $2.63bn Turnover

The naira strengthened by approximately 2% against the dollar between August 24 and September 4, closing at N1,322.50/$ on September 4, compared to N1,349.99/$ on August 24, marking an appreciation of N27.49 or 2.04%. During this period, the Nigerian Foreign Exchange Market (NFEM) recorded a total turnover of $2.63 billion across five trading sessions, following a turnover of $3.19 billion in the previous four sessions from August 24 to 28.

The average daily turnover was $526.30 million, with a total of 1,580 deals recorded, surpassing the 1,554 deals from the prior period. The market's weighted average rate averaged N1,325.19/$ during the five sessions, improving from N1,341.61/$ in the earlier period.

Market activity increased throughout the week, with NFEM turnover rising from $228.52 million on August 31 to $674.38 million on September 3, before decreasing to $495.70 million on September 4. This performance reflects improved conditions in the official foreign exchange market.