NFEM turnover falls below $300 million for first time since September 28

The Nigerian Foreign Exchange Market (NFEM) reported a turnover of $227.18 million on November 2, 2026, marking the first time the market's daily transaction volume has fallen below $300 million since September 28. The Central Bank of Nigeria (CBN) data revealed that the total turnover dropped significantly, down by about 61.1% in one trading session. This decline came after the naira closed at N1,346.01/$, the same rate as the previous session.

The decrease in turnover was stark, with the total value plunging from $583.33 million on October 30 to the $227.18 million figure on November 2. This represents a substantial drop in reported foreign exchange transactions at the official market as the new month began. However, the single-day figure does not necessarily indicate a broader shift in market liquidity or demand.

Despite the sharp decline in turnover, the naira demonstrated relative stability at the NFEM window on November 2. The currency closed at N1,346.01/$, mirroring the rate on October 30. The market settled at a weighted average exchange rate of N1,347.94/$, with the day's highest rate at N1,349.50/$ and the lowest at N1,346/$.

The CBN data also highlighted a decrease in the number of deals executed on November 2, with 177 transactions recorded, compared to the 252 transactions noted in the previous trading session. This reduction in the number of deals coincided with the lower turnover observed during the day. The decline in NFEM turnover follows developments in Nigeria's external reserves and exchange-rate market, where the latest figures show a substantial reduction in daily transaction volume.