Nigeria foreign exchange market turnover surges to $1.45 billion

Nigeria’s foreign exchange market experienced a significant surge in activity, with the Nigerian Foreign Exchange Market (NFEM) recording a daily turnover of $1.45 billion on September 10, 2026. This represents a 167.2% increase from the previous day and marks the highest turnover level since July 21, 2026.

The increase in turnover was accompanied by a rise in transaction volume, with 470 deals recorded on September 10 compared to 276 the day prior. Interbank activity also saw a notable increase, rising to 234 deals from 86.

Despite the heightened liquidity and trading volume, the naira showed volatility. On September 11, 2026, a gap persisted between the official and parallel markets. The official NFEM rate was approximately ₦1,329.44 to the dollar, while the parallel market rate was higher, at approximately ₦1,390. This indicates the parallel market was trading about 4.6% above the official rate.