Nigeria's FX Market Turnover Reaches $1.45 Billion

On September 10, 2026, Nigeria's foreign exchange market recorded a turnover of $1.45 billion, the highest daily level since July 21, 2026. This figure represents a 167.2% increase from the $544.11 million recorded on September 9 and is 55.8% higher than the $933.78 million from September 8.

The increase in turnover was accompanied by a rise in transactions, with 470 deals executed on September 10 compared to 276 the previous day. Despite this surge, the turnover was about 5.1% lower than the July peak of $1.53 billion.

The market had previously experienced volatility, with turnover dipping below $1 billion in the days leading up to September 10. Dr. Olu Olajengbesi from the University of Abuja emphasized the importance of sustained higher turnover for market efficiency, while Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, linked the increase to significant FX transactions by major corporate players.

Nigeria's external reserves are also reported to be strengthening.