NAFEM turnover hits $1.41bn, highest in five weeks

Turnover on the Nigerian Foreign Exchange Market (NAFEM) surged to $1.41 billion on August 17, 2026, the highest level recorded in five weeks, according to data from the Central Bank of Nigeria (CBN). The jump marks a sharp rebound in FX market activity after a period of subdued trading.

The August 17 figure was the highest since July 21, when turnover stood at $1.53 billion, and was more than seven times the $185 million recorded on August 11, when FX activity fell to its lowest level in 11 weeks.

What the data shows

The Nigerian FX market recorded 394 deals on August 17, including 178 interbank deals. Daily turnover had recovered across successive sessions before the jump: US$607.47 million on August 12, US$387.09 million on August 13, and US$352.34 million on August 14.

The naira also strengthened at the official market, closing at N1,350/$ on August 17, compared with N1,358.25/$ on August 14, making it N8.25 stronger than the previous trading session. The weighted average exchange rate on NAFEM stood at N1,349.54/$, while the simple average rate was N1,350.98/$, both below the N1,365/$ recorded on August 11.

Why turnover jumped

Dr Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), said the sharp increase could be linked to large FX transactions by major corporate players, such as large importers of raw materials, machinery and other inputs, or government projects.

Dr Olu Olajengbesi of the University of Abuja said the real test is whether the NAFEM liquidity is sustained. Higher turnover across several weeks, together with stable or rising reserves and a relatively narrow exchange-rate range, would indicate a deeper, more efficient FX market, he said.

Reserves context

Nigeria's external reserves rose to $52.02 billion on July 20, 2026, reaching their highest level since January 2009. That figure surpassed the CBN's projected level of $51.04 billion for the full year 2026.

The CBN publishes daily Nigerian Foreign Exchange Market (NFEM) rates tables that list the NFEM rate, highest, lowest and closing rates, simple average rate, interbank turnover and number of deals, and total turnover and number of deals at NFEM, which underlie NAFEM turnover reporting.