Nigeria's FX Turnover Drops 49% to $2.71bn in One Week

In the week ending August 28, 2026, Nigeria's official foreign exchange turnover decreased by 48.7% week-on-week to $2.71 billion, down from approximately $5.28 billion in the preceding week, according to data from the Central Bank of Nigeria. This decline represents a reduction of about $2.57 billion in weekly transaction value, indicating a significant moderation in trading activity.

Notably, transactions on August 24 reached $731.18 million, with the market closed on August 25 for a public holiday. Trading resumed on August 26 with a turnover of $913.76 million, increasing to $1.06 billion on August 27, before easing to the week's total of $2.71 billion.

Central Bank of Nigeria Governor Olayemi Cardoso stated that the bank's interventions account for only 1.2% to 1.3% of total FX market turnover, dismissing claims of aggressive intervention to influence exchange rates. He emphasized that recent reforms, including the FX Code and an electronic trading platform, have improved market functionality.