Nigeria forex turnover nearly doubles to $3.37 billion

Nigeria's foreign exchange market saw a significant rebound in activity, with total dollar turnover nearly doubling to $3.37 billion for the week ending October 9, 2026, up from $1.70 billion the previous week. This recovery was primarily driven by spot transactions, which rose to $3.24 billion.

In the official Nigerian Foreign Exchange Market (NFEM), the naira has remained relatively stable, trading near ₦1,332 per US dollar. However, a gap persists with the parallel market, where the dollar has been quoted at higher rates, approximately ₦1,370 for buying and ₦1,380 for selling.

Concurrently, liquidity operations by the Central Bank of Nigeria (CBN) have impacted the interbank market. The interbank overnight rate rose to 20.85% as the system liquidity surplus contracted to approximately ₦3.71 trillion from ₦5.98 trillion. This contraction followed the settlement of ₦969 billion in Nigerian Treasury bills.