Nigerian Foreign Exchange Market turnover rises to $1.41 billion, naira strengthens
Turnover on the Nigerian Foreign Exchange Market reached $1.41 billion on August 17, 2026, marking the highest level in five weeks. This figure is more than seven times the $185 million recorded on August 11. The market saw 394 deals, including 178 interbank transactions. This increase in activity was accompanied by a stronger naira, which closed at N1,350 per dollar on August 17, an N8.25 appreciation from the previous session's N1,358.25/$. The closing rate was also stronger than the N1,365/$ recorded on August 11. An emerging markets expert noted that while the increase in NAFEM turnover is encouraging, sustained activity over several trading sessions is needed to confirm material improvement in market liquidity. These developments occur as Nigeria鈥檚 external reserves remain high, reaching $52.02 billion on July 20, 2026, the highest since January 2009, surpassing the CBN's December projection of $51.04 billion.
