NFEM turnover hits $1.45 billion as FX trading activity surges
Nigeria’s foreign exchange market recorded a sharp increase in trading activity on September 10, with total turnover on the Nigerian Foreign Exchange Market (NFEM) rising to $1.45 billion on Thursday, September 10, the highest daily level since July 21, 2026. The post NFEM turnover hits $1.45 billion as FX trading activity surges appeared first on Nairametrics .
Nigeria's foreign exchange market, the Nigerian Foreign Exchange Market (NFEM), witnessed a significant surge in trading activity on Thursday, September 10, reaching a daily turnover of $1.45 billion. This marks a substantial increase of 167.2% compared to the previous day's $544.11 million and a 55.8% rise from $933.78 million recorded on September 8.
The NFEM turnover figure is the highest since July 21, 2026, when it peaked at $1.53 billion, though it remains 5.1% below that peak. The rise in turnover coincided with an increase in the number of transactions, with 470 deals executed on September 10, up from 276 the day prior. The surge in market activity aligns with Nigeria's strengthening external reserves, a factor highlighted by Dr Olu Olajengbesi of the University of Abuja, who noted that sustained higher turnover, alongside stable reserves and a narrow exchange-rate range, would indicate a deeper and more efficient FX market.
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