NFEM Turnover Rises 13.8% to $14.45bn in August, Naira Closes at N1,335.50/$
By Aboki Forex —
Total turnover in the Nigerian Foreign Exchange Market (NFEM) rose to $14.45 billion in August from $12.69 billion in July, a 13.8 per cent increase based on available trading days. The naira also strengthened over the month, closing at N1,335.50/$ on August 31, up from N1,365/$ on August 3.
The August figure covers 19 trading days for which total NFEM turnover was available. Turnover for August 31 had not been posted at the time of compilation and was excluded from the monthly aggregate. On that basis, turnover rose by $1.76 billion from the $12.69 billion recorded across 23 trading days in July.
Average Daily Turnover and Strongest Trading Sessions
Average daily turnover jumped to $760.43 million in August from $551.77 million in July, an increase of about $208.66 million per trading day. The strongest session was August 17, when NFEM turnover stood at $1.41 billion. That was followed by $1.25 billion on August 7, $1.11 billion on August 19, $1.08 billion on August 18 and $1.06 billion on August 27.
Two other days crossed $900 million: August 20 with $920.46 million and August 26 with $913.76 million. Low-turnover days were also recorded. August 11 had the lowest available daily figure at $184.997 million, while August 14 recorded $352.34 million and August 13 recorded $387.09 million.
Interbank Activity Rises 17.7%
Interbank trading rose faster than the overall market. Total interbank turnover increased to $3.99 billion in August from $3.39 billion in July, a 17.7 per cent rise. Average daily interbank turnover climbed to $199.68 million from $147.55 million in July.
The highest interbank turnover was $437.53 million on August 17, followed by $393.48 million on August 7, $371.79 million on August 20, $370.98 million on August 19 and $364.71 million on August 18. The lowest interbank figure was $29.06 million on August 11. August 13 recorded $79.10 million and August 5 recorded $75.36 million. The interbank segment accounted for about 27.6 per cent of the $14.45 billion total NFEM turnover.
Naira Gains 2.2% Over the Month
The naira closed at N1,365/$ on August 3, the first trading day covered in the data, and ended August 31 at N1,335.50/$. That is an appreciation of N29.50, or about 2.2 per cent. The weakest closing rate was N1,365.10/$ on August 6, while the strongest was N1,335.50/$ on August 31.
On the final trading day, the naira traded within a wide intraday range of N1,320/$ to N1,343/$, before closing at N1,335.50/$.
Transaction Count Also Rises
Available NFEM data recorded 6,029 deals in August, with interbank transactions accounting for 2,837 of those deals. The busiest day was August 26, with 479 deals, followed by 425 deals on August 27 and 409 deals on August 12. August 11 recorded the lowest number of deals at 186.
For Nigerian businesses, the data points to stronger official FX market activity and a firmer naira during the month. The rise in average daily turnover and interbank participation suggests improved liquidity in the official window, though the exclusion of August 31 data means the full picture could change when final figures are posted.