Foreign exchange turnover at Nigeria’s official market fell sharply by 48.7 per cent week-on-week to $2.71bn in the week ended 28 August, 2026, from about $5.28bn recorded in the previous trading week.
Data published by the Central Bank of Nigeria showed that trading activity was concentrated around 26 and 27 August, when transactions worth $913.76m and $1.06bn were recorded, respectively.
Turnover on 24 August stood at $731.18m, while the market was closed on 25 August for a public holiday.
The sharp decline in weekly turnover comes after the Nigerian Foreign Exchange Market recorded more than $5bn in transactions in the preceding week, indicating a significant moderation in trading activity.
The latest figures also come amid efforts by the CBN to deepen the efficiency and transparency of the foreign exchange market.
CBN Governor, Olayemi Cardoso, had said the apex bank’s interventions now account for only about 1.2 per cent to 1.3 per cent of total FX market turnover, dismissing suggestions that the bank is aggressively intervening to influence market pricing.
Cardoso attributed the improved functioning of the market to reforms including the FX Code, the electronic trading platform and the revised foreign exchange manual.
The CBN has also maintained that stronger external buffers have improved Nigeria’s capacity to withstand external shocks.
Nigeria’s foreign exchange reserves rose above $53bn during the week, reaching $53.11bn as of 24 August according to CBN data.
The sharp week-on-week drop in turnover will be closely watched by market participants as they assess liquidity conditions and trading depth in the official FX market.
