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.

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 falls for second week

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.

• 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.
• The CBN, as of the time of filing this report, has not reported NFEM turnover for Friday September 25, although interbank transactions amounted to $111.06 million.

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.

Naira holds near N1,330/$

The naira traded within a relatively narrow range during the week, with the official rate moving between N1,325/$ and N1,336/$.

• The currency closed at N1,330/$ on September 25, compared with N1,329/$ at the end 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 falling to N1,327.78/$ on September 22.

The stability came amid increased foreign-exchange liquidity and higher external reserves, which have provided support for the naira in recent months.

Reserves cross $55bn as CBN cuts MPR

Nigeria’s external reserves crossed $55 billion, reaching their highest level in more than 18 years.

• The reserve accumulation and improved FX liquidity provided part of the backdrop to the CBN’s decision to reduce its benchmark interest rate.
• The 350-basis-point cut to 23%, announced after the 307th Monetary Policy Committee meeting held on September 21–22, followed several meetings in which the MPR was maintained at 26.5%.

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.