NFEM turnover plunges 56% to $196.7 million, lowest in seven weeks

Turnover on the Nigerian Foreign Exchange Market (NFEM) plunged to $196.7 million on Monday, September 28, 2026, its lowest level in seven weeks, according to Central Bank of Nigeria (CBN) data.

Checks by Nairametrics on the CBN database showed that Monday’s turnover was the lowest since August 11, when the market recorded $185 million in transactions.

The sharp decline came as the naira closed at N1,331.50 per dollar, compared with N1,330/$ on Friday.

The market recorded a high of N1,332/$ and a low of N1,330/$, while the weighted average rate stood at N1,331.3292/$. Monday’s turnover was 56.24% lower than the $449.50 million recorded on Friday and 60.04% below the $492.11 million traded on Thursday.

NFEM activity falls to seven-week low

CBN data showed that 206 deals were recorded on Monday, including 37 interbank transactions, indicating a sharp reduction in market activity compared with the previous trading sessions.

• Friday recorded 290 deals, including 108 interbank transactions, while Thursday had 305 deals and 103 interbank transactions.
• NFEM turnover had already fallen to $2.25 billion in the week ended September 25, representing a 17.7% decline from the previous week.
• Daily turnover stood at $694.58 million on September 22 and $732.45 million on September 23 before falling to $492.11 million on September 24 and $449.50 million on September 25.
• Monday’s $196.68 million was therefore less than half the turnover recorded on Friday and marked a further moderation in market activity.

The latest figure extends the decline in transaction volumes seen toward the end of September, despite the naira continuing to trade within a relatively narrow range.

Naira trades within narrow range

The naira remained relatively stable during Monday’s session despite the steep decline in turnover, moving between N1,330/$ and N1,332/$ before closing at N1,331.50/$.

The weighted average rate of N1,331.3292/$ was also close to the closing rate, indicating limited movement during the session.

The currency had closed at N1,330/$ on September 25, following a weighted average rate of N1,329.5138/$. At the start of September, the naira closed at N1,329/$, while the September 2 close was N1,324.50/$.

The figures show that the sharp contraction in NFEM turnover has not been accompanied by a similarly large movement in the exchange rate.

NFEM turnover trails August highs

Monday’s turnover was significantly below the higher levels recorded on the NFEM in August and the market’s July peak.

Turnover exceeded $1 billion several times in August, including $1.41 billion on August 17, $1.11 billion on August 19, $1.08 billion on August 18 and $1.06 billion on August 27.

The highest turnover in the period covered by the CBN data was $1.53 billion on July 21, when the naira closed at N1,374.50/$.

Monday’s $196.68 million was about 87% below the July 21 peak.

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

The CBN also cut the Monetary Policy Rate by 350 basis points last week to 23% from 26.5%.