NFEM turnover hits $1.45bn, highest since July 21

Turnover on the Nigerian Foreign Exchange Market (NFEM) climbed to $1.45 billion on Thursday, September 10, the highest daily level since July 21. The figure marks a sharp rebound after two straight sessions below $1 billion.

Data from the Central Bank of Nigeria (CBN) shows the September 10 turnover was 167.2% higher than the $544.11 million recorded on September 9. It was also 55.8% above the $933.78 million traded on September 8.

Deals rise, naira firms

Trading activity widened alongside the volume. A total of 470 deals were recorded on September 10, up from 276 the previous day. Interbank activity strengthened as well, with 234 interbank deals against 86 on September 9.

The naira still firmed during the session. The currency closed at N1,328/$ compared with N1,334/$ on September 9, a N6 appreciation. The session traded between N1,322.71/$ and N1,333/$, while the weighted average rate stood at N1,328.22/$.

The data points to higher liquidity and stronger participation rather than a one-way move in the exchange rate.

Turnover still volatile

NFEM turnover has swung widely in recent weeks. It reached $1.41 billion on August 17, $1.11 billion on August 19 and $1.06 billion on August 27 before collapsing to $228.52 million on August 31.

The market then recovered gradually, recording $574.42 million on September 1, $658.46 million on September 2, $674.38 million on September 3 and $495.70 million on September 4.

The September 10 figure is about 5.1% below the July 21 peak of $1.53 billion.

Reserves cross $54bn

The rise in FX activity comes as Nigeria's external reserves continue to build. The reserves crossed the $54 billion mark in early September for the first time since December 2008, reaching $54.08 billion as of September 3.

The position has climbed steadily from $51.94 billion on August 3 to $52.06 billion on August 7, $52.32 billion on August 14, $52.83 billion on August 21 and $53.51 billion on August 28.

The latest level has also surpassed the CBN's projected reserve level of about $51.04 billion for the full year 2026.

Dr Olu Olajengbesi of the University of Abuja said the sustainability of the higher turnover matters more than the size of a single day's transaction. "The real test is whether this liquidity is sustained," he said. He added that sustained higher turnover, combined with stable or rising reserves and a relatively narrow exchange-rate range, would provide stronger evidence that the FX market is becoming deeper and more efficient.

Dr Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), linked the jump to large corporate deals. "I think it may be due to some big companies who have made huge transactions which can make a whole lot of difference," he said.

The stronger reading comes after a rough patch. Total transactions in the FX Spot and Derivatives markets fell 46.57% to $1.631 billion in the week ended July 10, 2026, a week-on-week decline of $1.421 billion and the largest single-week drop in turnover this year. FMDQ's cumulative turnover for January to July 2026 stood at N426.51 trillion ($310.18 billion), with FX transactions among the leading drivers alongside OMO Bills.

For importers and businesses, the mix of deeper daily liquidity and reserves above $54 billion supports better FX availability, though the wide swings in turnover show the market is not yet steady.