Turnover on the Nigerian foreign exchange market reached $1.41 billion, the largest amount in five weeks, as trading activity returned from the steep drop earlier in the month on August 17, 2026.
The most recent turnover was more than seven times the $185 million reported on August 11th, according to data from the Central Bank of Nigeria.
The number on August 17 was the highest since July 21, when NAFEM turnover was $1.53 billion.
178 interbank transactions were among the 394 deals that the market registered during the session.
The rise came after notable swings in foreign exchange activity throughout the previous trading sessions. After hitting an 11-week low of $185 million on August 11, turnover increased to $607.47 million on August 12.
After that, activity fell to $387.09 million on August 13 and $352.34 million on August 14 before rising to $1.41 billion on August 17.
A higher naira at the official FX market coincided with the rise in market activity.
On August 17, the currency closed at N1,350 per dollar, down from N1,358.25 during the previous session.
This indicated a N8.25 increase in value relative to the US dollar.
The simple average exchange rate was N1,350.98, while the weighted average was N1,349.54.
Additionally, the most recent closing rate was higher than the N1,365/$ that was recorded on August 11, the day that NAFEM turnover hit its most recent low.
An specialist in emerging markets claims that in order to strengthen the FX market, this tendency must continue.
Although the rise in NAFEM turnover is positive, the main question is whether the increased activity level can be maintained. He cautioned, “We need to see consistent volumes over several trading sessions before concluding that market liquidity has materially improved because a few large transactions can significantly distort daily turnover.”
Nigeria’s foreign reserves continue to be high, which coincides with the most recent FX market development.
Reserves hit $52.02 billion on July 20, 2026, the highest level since January 2009, according to CBN data.
The CBN’s December estimate of $51.04 billion for the entire year had already been surpassed by the reserve position.
