Turnover on the Nigerian Foreign Exchange Market (NAFEM) surged to $1.41 billion on August 17, 2026, marking its highest level in five weeks as activity in the official foreign exchange market rebounded sharply. Data from the Central Bank of Nigeria (CBN) showed that the latest turnover was more than seven times the $185 million recorded on August 11, when market activity fell to an 11-week low. The August 17 figure was the highest since July 21, when NAFEM turnover stood at $1.53 billion. The market recorded 394 deals, including 178 interbank transactions, indicating increased participation during the session. The sharp recovery followed several days of relatively subdued activity. Turnover rose to $607.47 million on August 12 before falling to $387.09 million on August 13 and $352.34 million on August 14. The increase in market activity was accompanied by a strengthening of the naira at the official market. The naira closed at N1,350/$ on August 17, compared with N1,358.25/$ on August 14, gaining N8.25 against the dollar. The weighted average exchange rate stood at N1,349.54/$, while the simple average was N1,350.98/$. The latest closing rate was also stronger than the N1,365/$ recorded on August 11, when NAFEM turnover hit its recent low. Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, attributed the surge partly to the possibility of large transactions by major corporate players. Yusuf noted that major importers of raw materials, machinery and other inputs could account for a substantial portion of the increase. He also cited government projects requiring foreign inputs as another possible source of the higher turnover.
Don't miss out on breaking stories and in-depth articles.
