NAFEM Turnover Surges to $1.41bn as Naira Strengthens

Trading activity on the Nigerian Foreign Exchange Market rose sharply to $1.41 billion on 17 August 2026, marking its highest level in five weeks.

Data from the Central Bank of Nigeria showed that NAFEM turnover increased more than sevenfold from the $185 million recorded on 11 August. The latest figure was also the highest since 21 July, when turnover reached $1.53 billion.

The market recorded 394 deals, including 178 interbank transactions, as activity recovered after several weak sessions. Turnover stood at $607.47 million on 12 August before falling to $387.09 million on 13 August and $352.34 million on 14 August.

The stronger activity came alongside an appreciation of the naira. The currency closed at N1,350 per dollar on 17 August, compared with N1,358.25/$ at the previous session. This represented an N8.25 gain against the dollar.

The weighted average exchange rate was N1,349.54/, while the simple average stood at N1,350.98/. The latest rate also improved on the N1,365/$ recorded on 11 August, when NAFEM turnover hit its recent low.

An emerging markets expert said the rise was encouraging but warned that sustained activity would be needed to confirm stronger market liquidity.

“The increase in NAFEM turnover is encouraging, but the key issue is whether the higher level of activity can be sustained. A few large transactions can significantly distort daily turnover, so we need to see consistent volumes over several trading sessions before concluding that market liquidity has materially improved,” he warned.

Meanwhile, Nigeria’s external reserves reached $52.02 billion on 20 July, their highest level since January 2009.

Do you think the latest rise in NAFEM turnover signals a lasting improvement in Nigeria’s FX liquidity?