NFEM Turnover Rises by $3.1bn to $5.28bn, Interbank Activity Up 179%

In a recent surge, trading activity at Nigeria's Nigerian Foreign Exchange Market (NFEM) experienced a significant rise over the past five working days. Total turnover jumped by $3.1 billion, reaching $5.28 billion, compared to $2.18 billion during the preceding five-day period. This represents a staggering 142.3% increase, with an average daily turnover of $1.06 billion, up from $435.7 million.

Interbank transactions also saw a remarkable surge, rising by 179%, to $1.70 billion, from $610.36 million. This marks a 179.3% increase, with the average daily interbank turnover reaching $340.9 million, up from $122.1 million. The market witnessed its highest daily total of $1.41 billion on August 17, followed by significant turnover on August 19, 18, 20, and 21.

Notably, interbank activity peaked on August 17 at $437.53 million, a trend that continued with increasing daily totals on subsequent days. The data indicates a broad-based increase in market activity, with interbank transactions contributing more significantly to overall NFEM turnover, accounting for approximately 32.3% of the total in the latest period, compared to 28% in the previous one.