Turnover at the Nigerian Foreign Exchange Market (NFEM) dropped to $227.18 million on November 2, 2026, falling below the $300 million mark for the first time since September 28, when transactions stood at $196.68 million.
Data from the Central Bank of Nigeria (CBN) indicate that total turnover fell sharply from $583.33 million on October 30, a decline of about 61.1% within one trading session. The naira closed at N1,346.01/$ on November 2, compared with N1,346/$ in the prior session.
The November 2 figure was also well below activity recorded across much of October, when daily turnover frequently surpassed $400 million and occasionally exceeded $1 billion.
- On October 30, turnover stood at $583.33 million. - October 29 recorded $458.91 million, while October 28 saw $726.33 million in transactions. - Turnover peaked at about $3.24 billion on October 23, the highest level in October. - On November 2, total transactions fell to $227.18 million, with interbank turnover accounting for roughly $21.77 million.
The decline points to a sharp reduction in reported official-market foreign exchange transactions at the start of November. A single day's turnover, however, does not establish a sustained change in market liquidity or demand.
Despite the lower volume, the naira remained relatively stable at the NFEM window. The weighted average exchange rate was N1,347.94/$, while the day's highest and lowest rates were N1,349.50/$ and N1,346/$ respectively. CBN data also recorded 177 deals on November 2, down from 252 in the previous session, consistent with the lower turnover.
The reduction in NFEM turnover comes amid broader external-sector developments. Nigeria's gross foreign exchange reserves rose by $295.35 million in October 2026, the slowest positive monthly increase recorded so far this year. Net foreign reserves had earlier climbed to a record $46 billion, while the naira reversed about 42% of its July–September gains, weakening from N1,329.50/$ at the end of September to N1,346/$ on October 30.
Overall, the latest NFEM data show a substantial decline in daily transaction volume even as the exchange rate remained broadly unchanged between the final trading session of October and the opening session of November.
