FX turnover plunges 48.7% to $2.71bn in one week

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Foreign exchange turnover in Nigeria's official market fell sharply by 48.7 per cent week-on-week to $2.71bn in the week ended 28 August, 2026. This compares with about $5.28bn recorded in the previous trading week.

Data from the Central Bank of Nigeria shows that trading activity was concentrated around 26 and 27 August. Transactions worth $913.76m and $1.06bn were recorded on those days, respectively.

Shortened trading week

Turnover on 24 August stood at $731.18m. The market was closed on 25 August for a public holiday.

The sharp decline comes after the Nigerian Foreign Exchange Market recorded more than $5bn in transactions in the preceding week. That indicates a significant moderation in trading activity.

CBN says interventions are minimal

The latest figures come amid efforts by the CBN to deepen the efficiency and transparency of the foreign exchange market.

CBN Governor, Olayemi Cardoso, had said the apex bank's interventions now account for only about 1.2 per cent to 1.3 per cent of total FX market turnover. He dismissed suggestions that the bank is aggressively intervening to influence market pricing.

Cardoso attributed the improved functioning of the market to reforms including the FX Code, the electronic trading platform and the revised foreign exchange manual.

External buffers strengthen

The CBN has also maintained that stronger external buffers have improved Nigeria's capacity to withstand external shocks. Nigeria's foreign exchange reserves rose above $53bn during the week, reaching $53.11bn as of 24 August according to CBN data.

The sharp week-on-week drop in turnover will be closely watched by market participants as they assess liquidity conditions and trading depth in the official FX market. For the naira, the mixed signals from lower turnover and strong reserves mean the focus stays on how sustained trading activity will be in the weeks ahead.

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