At the initiate of September, the naira closed at N1,329/$, during the time that the September 2 finish was N1,324.50/$.
The figures reveal that the sharp contraction in NFEM turnover has not been accompanied by a similarly huge movement in the exchange rate.
NFEM turnover trails August highs
Monday’s turnover was significantly below the elevated levels recorded on the NFEM in August and the advertise’s July peak.
Turnover exceeded $1 billion multiple 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 figures was $1.53 billion on July 21, when the naira closed at N1,374.50/$.
Monday’s $196.68 million was on 87% below the July 21 peak.
The decline comes as Nigeria’s external reserves newly crossed $55 billion, reaching their highest degree in extra than 18 years.
The CBN furthermore cut the Monetary Policy Rate by 350 principle points remain week to 23% from 26.5%.
Monday’s turnover was 56.24% decreased than the $449.50 million recorded on Friday and 60.04% below the $492.11 million traded on Thursday.
NFEM shift falls to seven-week low
CBN statistics showed that 206 deals were recorded on Monday, including 37 interbank transactions, indicating a sharp reduction in promote measure compared alongside the preceding trading sessions.
- Friday recorded 290 deals, including 108 interbank transactions, whilst 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 former week.
- Daily turnover stood at $694.58 million on September 22 and $732.45 million on September 23 in advance of falling to $492.11 million on September 24 and $449.50 million on September 25.
- Monday’s $196.68 million was consequently lower than half the turnover recorded on Friday and marked a greater moderation in trade job.
The newest figure extends the decline in operation volumes seen toward the conclude of September, despite the naira persistent to trade in a relatively slender extent.
Naira trades interior to restricted extent
The naira remained relatively secure during Monday’s session despite the steep decline in turnover, moving amid N1,330/$ and N1,332/$ in advance of closing at N1,331.50/$.
The weighted standard rate of N1,331.3292/$ was furthermore finish to the closing rate, indicating limited movement during the session.
The currency had closed at N1,330/$ on September 25, following a weighted standard rate of N1,329.5138/$.
Turnover on the Nigerian Foreign Swap Promote (NFEM) plunged to $196.7 million on Monday, September 28, 2026, its lowest extent in seven weeks, according to Essential Bank of Nigeria (CBN) figures.
Checks by Nairametrics on the CBN database showed that Monday’s turnover was the lowest as August 11, when the offer recorded $185 million in transactions.
The sharp decline came as the naira closed at N1,331.50 per dollar, compared including N1,330/$ on Friday.
The promote recorded a high of N1,332/$ and a low of N1,330/$, whereas the weighted representative rate stood at N1,331.3292/$.
Source: NFEM turnover plunges 56% to $196.7 million, lowest in seven weeks
