Nigerian Forex Market Turnover Drops to $2.25 Billion
Turnover on the Nigerian Foreign Exchange Market (NFEM) decreased by 17.7% week-on-week to $2.25 billion for the week ending September 25, 2026, marking a second consecutive week of decline. The Central Bank of Nigeria (CBN) reported that turnover dropped from $2.74 billion in the previous week.
This decline coincided with the CBN's decision to reduce the Monetary Policy Rate (MPR) by 350 basis points, lowering it from 26.5% to 23%. Earlier in September, NFEM turnover had reached $3.16 billion in the week ending September 18.
Despite the recent slowdown, total NFEM turnover for the period from September 1 to 25 was approximately $13.58 billion, surpassing the $12.54 billion recorded in August. The naira remained stable, trading between N1,325/$ and N1,336/$, supported by increased foreign-exchange liquidity and higher external reserves, which exceeded $55 billion, the highest level in over 18 years.
Additionally, headline inflation moderated to 15.39% in August from 15.43% in July.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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