NFEM Turnover Increases 13.8% to $14.45 Billion in August

Trading activity at the Nigerian Foreign Exchange Market (NFEM) saw a significant increase in August, with total turnover rising to $14.45 billion from $12.69 billion in July, marking a 13.8% increase. This figure is based on 19 trading days, excluding data from August 31.

Average daily turnover also increased to $760.43 million, up from $551.77 million in July. The highest turnover was recorded on August 17 at $1.41 billion.

Interbank trading also rose, with total interbank turnover increasing to $3.99 billion, a 17.7% rise from July. The naira appreciated from N1,365/$ on August 3 to N1,335.50/$ by August 31, reflecting a 2.2% increase.

The naira's weakest closing rate during the month was N1,365.10/$ on August 6, while the strongest was N1,335.50/$ on August 31. The interbank segment accounted for approximately 27.6% of the total NFEM turnover.