By Boluwatife Oshadiya | August 13, 2026
Key Points
- Naira strengthens to N1,360.5292 per dollar at the Nigerian Foreign Exchange Market
- NFEM turnover jumps 481% to $168.758 million from $29.060 million
- Number of FX deals rises to 190 as banks increase interbank market activity
Main Story
The naira strengthened to N1,360.5292 per US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday as foreign exchange turnover surged 481%, according to Central Bank of Nigeria (CBN) data.
The local currency appreciated from N1,364.8992 per dollar recorded at the official window previously, representing a gain of about 0.32%. Transactions at the NFEM were executed between N1,359.5500 and N1,362 per dollar, according to official market data.
The stronger exchange rate coincided with a sharp increase in activity among banks and other market participants. CBN data showed that interbank foreign exchange turnover rose to $168.758 million from $29.060 million recorded on Tuesday.
The increase represents a 481% jump in daily turnover, indicating significantly higher transaction volumes in the interbank market. The number of deals also increased to 190 from 47 a day earlier, pointing to a broader rise in market activity.
The intraday range also improved from the previous day’s rates of N1,361 and N1,365.5000 per dollar, suggesting that increased trading activity was accompanied by relatively stronger naira pricing during the session.
The movement comes against a backdrop of continued efforts to deepen liquidity and improve price discovery in Nigeria’s foreign exchange market. The NFEM remains the primary market through which eligible foreign exchange transactions are conducted and reported.
What’s Being Said
CBN market data showed that banks’ increased activity as intermediaries for customers was the main driver of the sharp rise in interbank FX turnover.
The available market data also points to increased participation, with the number of recorded deals rising more than fourfold from the previous session.
Editorial note: A direct quote from the CBN or an independent foreign-exchange analyst should be added before publication if one is available. The supplied source material does not contain a verifiable direct quotation.
What’s Next
- Market participants will monitor whether the higher NFEM turnover is sustained in subsequent trading sessions
- The naira’s performance will remain closely watched alongside changes in FX liquidity, demand and bank intermediation activity
- Subsequent CBN market data will show whether the sharp increase in transaction volumes represents a sustained improvement in market depth
The Bottom Line:
The naira’s move to N1,360.5292 is significant not only because of the modest appreciation but because it occurred alongside a sharp expansion in FX market activity. If higher turnover is sustained without renewed pressure on the exchange rate, it would provide a stronger indication of improving liquidity and market functioning.
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