NFEM Turnover Rises 13.8% to $14.45 Billion as Naira Strengthens to N1,335.50 per Dollar

Trading activity at Nigeria’s Foreign Exchange Market accelerated in August, with turnover reaching $14.45 billion across the 19 trading days for which figures were available. That compared with $12.69 billion across 23 trading days in July, an increase of $1.76 billion, or 13.8%. The August 31 turnover figure had not been posted when the data was compiled, so it was excluded from the monthly total.

Average daily activity also rose sharply, to $760.43 million from $551.77 million in July. The busiest session came on August 17, when turnover reached $1.41 billion. Other strong days included August 7 at $1.25 billion, August 19 at $1.11 billion, August 18 at $1.08 billion and August 27 at $1.06 billion.

The month also included quieter sessions. Turnover fell to $184.997 million on August 11, the lowest available daily figure. It stood at $352.34 million on August 14 and $387.09 million on August 13. Two other days exceeded $900 million: August 20, with $920.46 million, and August 26, with $913.76 million.

Interbank trading followed the broader increase. Turnover in that segment rose to $3.99 billion from $3.39 billion, a 17.7% gain. Average daily interbank activity climbed to $199.68 million from $147.55 million, accounting for about 27.6% of total NFEM turnover in the available August data. The interbank peak was $437.53 million on August 17, while the lowest figure was $29.06 million on August 11.

The naira strengthened during the period covered. It closed at N1,365 per dollar on August 3, the first trading day in the data, and ended August 31 at N1,335.50. The currency’s weakest closing rate was N1,365.10 on August 6, while its strongest was the August 31 close. On the final trading day, it traded between N1,320 and N1,343 per dollar before closing at N1,335.50.