NAFEM turnover hits five-week high at $1.41bn

On August 17, 2026, turnover on the Nigerian Foreign Exchange Market (NAFEM) reached a record high of $1.41 billion, marking its peak in five weeks. This surge in activity was noted by the Central Bank of Nigeria (CBN), which reported that the turnover was more than seven times the $185 million recorded on August 11, when market participation reached an 11-week low. The August 17 figure surpassed the previous peak of $1.53 billion, observed on July 21.

The August 17 turnover was driven by a significant increase in market activity, with 394 deals, including 178 interbank transactions. This marked a notable rebound from the subdued activity observed from August 12 to August 14, when turnover fluctuated between $607.47 million and $352.34 million.

The strengthening of the naira played a crucial role in this surge, with the official market closing at N1,350/$ on August 17, up from N1,358.25/$ on August 14. This represented an 8.25 Naira gain against the dollar. The weighted average exchange rate for the day was N1,349.54/$, while the simple average stood at N1,350.98/$. The closing rate of N1,350/$ was also stronger than the N1,365/$ recorded on August 11, when NAFEM turnover hit its recent low.

According to Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), the surge in NAFEM turnover was partly attributed to the potential for large transactions by major corporate players. He suggested that importers of raw materials, machinery, and other inputs could have contributed significantly to the increased turnover. Additionally, government projects requiring foreign inputs were identified as another possible source of the heightened market activity.