Nume Ekeghe
Trading activity at the Nigerian Foreign Exchange Market (NFEM) rose sharply in the latest five working days, with total turnover increasing by $3.1 billion compared with the preceding five-day period, while interbank transactions rose by 179 per cent.
Market data showed that total NFEM turnover stood at $5.28 billion between August 17 and 21, 2026, compared with $2.18 billion recorded between August 10 and 14.
The latest figure represents a 142.3 per cent increase, with average daily turnover rising to $1.06 billion from $435.7 million in the preceding five working days.
Further analysis showed that interbank turnover also recorded a significant increase, rising to $1.70 billion in the latest five-day period from $610.36 million previously. This represents an increase of about $1.09 billion or 179.3 per cent.
Average daily interbank turnover consequently rose to $340.9 million from $122.1 million.
It recorded its highest daily total turnover of $1.41 billion on August 17, followed by $1.11 billion on August 19, $1.08 billion on August 18, $920.46 million on August 20 and $755.87 million on August 21.
Interbank activity also peaked on August 17 at $437.53 million. This was followed by $371.78 million on August 20, $370.98 million on August 19, $364.71 million on August 18 and $159.73 million on August 21.
In comparison, total NFEM turnover in the previous five working days, August 10 to 14, stood at $2.18 billion, with daily turnover ranging from $184.99 million on August 11 to $646.51 million on August 10.
Interbank turnover during the period stood at $610.36 million, with daily transactions ranging from $29.06 million on August 11 to $213.85 million on August 10.
The data suggests a broad-based increase in foreign exchange market activity during the latest week, with interbank transactions growing at a faster pace than overall NFEM turnover.
Interbank transactions accounted for about 32.3 per cent of total NFEM turnover in the latest five-day period, compared with 28 per cent in the preceding five days, indicating a stronger contribution from interbank trading to overall market activity.