NFEM turnover falls 17.7% to $2.25 billion as CBN cuts MPR to 23% in second weekly decline
Turnover on the Nigerian Foreign Exchange Market (NFEM) fell 17.7% week-on-week to $2.25 billion in the week ended September 25, 2026, extending the market’s decline for a second consecutive week. The post NFEM turnover falls 17.7% to $2.25 billion as CBN cuts MPR to 23% in second weekly decline appeared first on Nairametrics .
The turnover on Nigeria's Foreign Exchange Market (NFEM) experienced a 17.7% decline week-over-week, settling at $2.25 billion for the week ending September 25, 2026. This marks the second consecutive weekly decrease in market activity, with the total turnover for the week ending on September 25 reaching approximately $13.58 billion. The Nigerian Foreign Exchange Market had hit a higher peak earlier in September, with a turnover of $3.16 billion in the week ending on September 18.
The Central Bank of Nigeria (CBN) reported that the decline was influenced by the reduction of the Monetary Policy Rate (MPR) by 350 basis points, from 26.5% to 23%. Despite this, the naira maintained a relatively stable exchange rate between N1,325/$ and N1,336/$ during the week. This stability was attributed to the increased liquidity in foreign exchange markets and higher external reserves, which have supported the naira in recent months. Nigeria’s external reserves had surged to $55 billion, marking the highest level in over 18 years.
Inflation figures released by the National Bureau of Statistics indicated a moderate decline, with headline inflation settling at 15.39% in August 2026, down from 15.43% the previous month.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
