In August, trading in Nigeria's Foreign Exchange Market (NFEM) saw a significant increase. The total amount traded rose to $14.45 billion, up 13.8% from $12.69 billion in July. This increase happened over 19 trading days, and the average daily trading also grew, reaching about $760 million compared to $551 million in July. The busiest day for trading was August 17, with $1.41 billion traded. Other strong trading days included August 7 and August 19, with over $1 billion each. However, there were some days with much lower trading amounts, with the lowest being $185 million on August 11. Interbank trading, which is the exchange of currency between banks, also increased, totaling $3.99 billion in August, a 17.7% rise from July. The average daily interbank trading was around $200 million. The Nigerian currency, the naira, gained strength during August. It started the month at N1,365 per dollar and ended at N1,335.50 per dollar, marking a slight improvement. The naira fluctuated between N1,320 and N1,343 on the last trading day. Overall, there were 6,029 transactions in the NFEM during August, with interbank transactions making up a portion of that total. The highest number of deals in a single day was 479 on August 26.
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