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.
Data from the Central Bank of Nigeria (CBN) showed that turnover fell from $2.74 billion in the previous trading week, even as the naira remained relatively stable around N1,330/$.
The decline came in the same week the CBN cut its Monetary Policy Rate (MPR) by 350 basis points to 23% from 26.5%.
NFEM turnover has now declined for two consecutive weeks after reaching higher levels earlier in September. Turnover stood at $3.16 billion in the week ended September 18 before falling to $2.25 billion in the latest week.
Total NFEM turnover for September 1–25 reached approximately $13.58 billion, already above the $12.54 billion recorded throughout August despite the latest weekly slowdown.
The naira traded within a relatively narrow range during the week, with the official rate moving between N1,325/$ and N1,336/$.
The stability came amid increased foreign-exchange liquidity and higher external reserves, which have provided support for the naira in recent months.
Nigeria’s external reserves crossed $55 billion, reaching their highest level in more than 18 years.
The rate reduction came as headline inflation moderated to 15.39% in August 2026 from 15.43% in July, according to the National Bureau of Statistics.
