Turnover on the Nigerian Foreign Exchange Market (NAFEM) rose sharply to $1.41 billion on August 17, 2026, marking the highest level recorded in five weeks as activity in the FX market rebounded.
This is according to data from the Central Bank of Nigeria (CBN).
Checks by Nairametrics show that the current level is the highest since July 21 when it stood at $1.53 billion.
What the data is saying
NAFEM turnover on August 17 was more than seven times the $185 million recorded on August 11, when FX activity fell to its lowest level in 11 weeks.
The market recorded 394 deals, including 178 interbank deals.
- The latest increase in turnover follows a period of relatively subdued activity in the Nigerian FX market, with daily turnover fluctuating significantly in recent weeks.
- Nairametrics earlier reported that FX turnover fell to US$185 million on August 11, marking the lowest level in 11 weeks as market activity weakened.
- Since then, turnover has recovered across successive trading sessions, rising to US$607.47 million on August 12 and US$387.09 million on August 13.
Activity increased further on August 14, when turnover stood at US$352.34 million, before recording the sharp jump on August 17.
Get up to speed
The recovery in turnover was accompanied by a strengthening of the naira at the official market.
- The naira closed at N1,350/$ on August 17, compared with N1,358.25/$ on August 14.
- The closing rate was N8.25 stronger than the previous trading session.
- The weighted average exchange rate stood at N1,349.54/$, while the simple average rate was N1,350.98/$.
- The August 17 rate was also below the N1,365/$ recorded on August 11, when turnover was at its recent low.
The data suggests a sharp rebound in trading activity following the significant slowdown recorded earlier in the month.
Meanwhile, the euro traded at about $1.1581 in early Asian trading, close to the two-month high of $1.1614 recorded on Monday.
- Sterling stood at about $1.3548, close to its three-month peak.
- The Australian dollar gained 0.11% to $0.71119, while the New Zealand dollar traded around $0.5902.
SOURCE: NAIRAMETRICS
