Turnover on the Nigerian Foreign Exchange Market declined by 17.7 per cent week-on-week to $2.25 billion in the week ended September 25, 2026, marking the second consecutive week of decline for the market.
Data from the Central Bank of Nigeria showed that turnover dropped from $2.74 billion recorded in the previous trading week, even as the naira remained relatively stable around N1,330/$.
The decline occurred in the same week that the CBN cut its Monetary Policy Rate by 350 basis points to 23 per cent, down from 26.5 per cent.
NFEM turnover has now fallen for two consecutive weeks following higher levels recorded earlier in September. Turnover stood at $3.16 billion in the week ended September 18 before dropping to $2.25 billion in the most recent week.
The September 15 trading session recorded the highest daily turnover during the period, at $777.58 million.
September 21 recorded the lowest reported NFEM turnover at $335.51 million, followed by $694.58 million on September 22.
Turnover stood at $732.45 million on September 23 and $492.11 million on September 24.
As of the time of filing this report, the CBN had not yet reported NFEM turnover figures for Friday, September 25, although interbank transactions amounted to $111.06 million.
Total NFEM turnover for the period September 1 to 25 reached approximately $13.58 billion, a figure already above the $12.54 billion recorded throughout the entire month of August, despite the latest weekly slowdown.
The naira traded within a relatively narrow range during the week, with the official rate fluctuating between N1,325/$ and N1,336/$.
The currency closed at N1,330/$ on September 25, compared with N1,329/$ at the close of the previous week.
The weighted average rate also remained relatively stable, moving from N1,329.80/$ on September 21 to N1,329.51/$ on September 25, after briefly dipping to N1,327.78/$ on September 22.
This stability came amid increased foreign-exchange liquidity and higher external reserves, which have continued to provide support for the naira in recent months.
Nigeria’s external reserves crossed the $55 billion mark, reaching their highest level in more than 18 years.
The accumulation of reserves and improved foreign exchange liquidity formed part of the backdrop to the CBN’s decision to reduce its benchmark interest rate.
The 350-basis-point cut to 23 per cent, announced following the 307th Monetary Policy Committee meeting held on September 21–22, came after several previous meetings in which the MPR had been held at 26.5 per cent.
The rate reduction followed a moderation in headline inflation, which eased to 15.39 per cent in August 2026 from 15.43 per cent in July, according to the National Bureau of Statistics.
