Turnover on the Nigerian Foreign Exchange Market climbed to $1.45 billion on Thursday, September 10, marking the highest daily level since July 21, 2026. Data from the Central Bank of Nigeria analysed by Nairametrics showed the figure was a 167.2% jump from the $544.11 million recorded on September 9 and 55.8% above the $933.78 million posted on September 8.
The rebound ended a two-session stretch in which daily turnover had fallen below $1 billion. The September 10 total was still about 5.1% below the $1.53 billion recorded on July 21, which remains the recent peak.
Trading depth improved alongside the higher turnover. A total of 470 deals were executed on September 10, up from 276 the previous day, while interbank transactions rose to 234 from 86 on September 9.
The naira closed at N1,328/$, a N6 appreciation from N1,334/$ on September 9. During the session, the currency traded between N1,322.71/$ and N1,333/$, with a weighted average rate of N1,328.22/$. The data therefore pointed to a combination of higher liquidity and broader participation rather than a one-directional move in the exchange rate.
Turnover on the NFEM has been volatile in recent weeks. It reached $1.41 billion on August 17, $1.11 billion on August 19 and $1.06 billion on August 27, before dropping to $228.52 million on August 31. The market then recorded $574.42 million on September 1, $658.46 million on September 2, $674.38 million on September 3 and $495.70 million on September 4.
The rise in activity coincided with a continued build-up in external reserves. Nigeria's reserves crossed $54 billion in early September for the first time since December 2008, reaching $54.08 billion as of September 3. They had climbed from $51.94 billion on August 3 to $53.51 billion by August 28, surpassing the CBN's full-year 2026 projection of about $51.04 billion.
Dr Olu Olajengbesi of the University of Abuja said the sustainability of higher turnover would matter more than the size of any single day's transaction. "The real test is whether this liquidity is sustained," he said. He added that sustained higher turnover, combined with stable or rising reserves and a relatively narrow exchange-rate range, would provide stronger evidence of a deeper and more efficient FX market.
