Turnover on the Nigerian Foreign Exchange Market (NFEM) fell 17.7% week-on-week to $2.25 billion in the week ended September 25, 2026, extending the market’s decline for a second consecutive week. Data from the Central Bank of Nigeria (CBN) showed that turnover fell from $2.74 billion in the previous trading week, even as the naira remained relatively stable around N1,330/$. The decline came in the same week the CBN cut its Monetary Policy Rate (MPR) by 350 basis points to 23% from 26.5%.
NFEM turnover falls for second week NFEM turnover has now declined for two consecutive weeks after reaching higher levels earlier in September. Turnover stood at $3.16 billion in the week ended September 18 before falling to $2.25 billion in the latest week. The September 15 trading session recorded the highest daily turnover during the period at $777.58 million. September 21 recorded the lowest reported NFEM turnover at $335.51 million, followed by $694.58 million on September 22.
Turnover stood at $732.45 million on September 23 and $492.11 million on September 24. The CBN, as of the time of filing this report, has not reported NFEM turnover for Friday September 25, although interbank transactions amounted to $111.06 million. Total NFEM turnover for September 1–25 reached approximately $13.58 billion, already above the $12.54 billion recorded throughout August despite the latest weekly slowdown.
Naira holds near N1,330/$ The naira traded within a relatively narrow range during the week, with the official rate moving between N1,325/$ and N1,336/$. The currency closed at N1,330/$ on September 25, compared with N1,329/$ at the end of the previous week. The weighted average rate also remained relatively stable, moving from N1,329.80/$ on September 21 to N1,329.51/$ on September 25, after briefly falling to N1,327.78/$ on September 22.
The stability came amid increased foreign-exchange liquidity and higher external reserves, which have provided support for the naira in recent months. Reserves cross $55bn as CBN cuts MPR Nigeria’s external reserves crossed $55 billion, reaching their highest level in more than 18 years. The reserve accumulation and improved FX liquidity provided part of the backdrop to the CBN’s decision to reduce its benchmark interest rate.
The 350-basis-point cut to 23%, announced after the 307th Monetary Policy Committee meeting held on September 21–22, followed several meetings in which the MPR was maintained at 26.5%. The rate reduction came as headline inflation moderated to 15.39% in August 2026 from 15.43% in July, according to the National Bureau of Statistics.
