NFEM FX Turnover Hits $1.45bn in One Day, Weekly Volume Jumps 47%
Nume Ekeghe Trading activity on Nigeria’s official foreign exchange market surged last week, with daily turnover climbing to a record $1.45 billion as the market recorded one of its busiest
Nigeria's official foreign exchange market, managed by the Nigerian Foreign Exchange Market (NFEM), witnessed extraordinary activity last week, with daily turnover reaching a record $1.45 billion. This marked a 167.2 per cent increase from the previous day's $544.11 million, and over twice the $674.38 million recorded a week prior.
The September 10 figure was the third-highest single-day turnover in NFEM data, which spans transactions from December 2024 onwards. The surge was fueled by 470 interbank transactions, the highest daily deal volume in the week. The heightened turnover propelled the market's five-day total for the week ending September 11 to $3.87 billion, reflecting a 47.2 per cent jump from the preceding week's $2.63 billion.
Despite the transaction increase, the number of deals remained relatively stable, with 1,572 deals recorded, a marginal 0.5 per cent decline from the previous week's 1,580 deals. The surge began on Monday, September 7, at $482.24 million, climbing to $933.78 million by Tuesday, then dropping to $544.11 million on Wednesday before Thursday's record-breaking $1.45 billion.
Post Thursday, activity slowed to $458.99 million on Friday. This weekly trend places the September 7–11 period among NFEM's busiest trading weeks, though it doesn't hold the weekly record. The peak weekly turnover of $5.28 billion occurred between August 17-21, followed by $4.82 billion between July 20-24 and $3.97 billion between March 9-13.
The latest $3.87 billion still ranks as the fourth-highest weekly turnover in NFEM data. Notably, the market achieved this volume with fewer deals than some earlier high-turnover weeks. For instance, the July 20-24 week generated $4.82 billion from 1,610 deals, while the August 17-21 week recorded $5.28 billion from 1,420 deals.
In contrast, the September 7–11 week generated $3.87 billion from 1,572 deals. Interbank activity significantly contributed to the week's performance, with total interbank turnover reaching $763.24 million, of which Thursday alone accounted for $357.30 million.
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