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Nigeria FX market turnover surges 117% to $3.73 billion
Nigeria’s foreign exchange market experienced a significant surge in activity, with total turnover reaching $3.73 billion for the week ending August 7, 2026. This represents a 117% increase from the previous week’s $1.72 billion. According to FMDQ Exchange, the growth was driven almost entirely by spot transactions, which accounted for $3.70 billion, or 99.33% of the total volume.
In the official market, the Central Bank of Nigeria (CBN) has implemented several structural reforms to stabilize the Naira and increase liquidity. These measures include increasing upfront payments for physical goods imports from 15% to 30% of FOB and raising personal/educational allowances for international school fees to $25,000 per semester. Recent data shows the Naira settled at N1,576 per Euro.
In the parallel market, the US Dollar to Naira exchange rate remained relatively stable as of August 10, 2026, with buying rates at approximately ₦1,415 and selling rates at ₦1,425.
Entities
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The Central Bank of Nigeria increased upfront payments for physical goods imports from 15% to 30% of FOB. thepodiummedia.com
- [○ 1 SOURCE] Spot transactions accounted for $3.70 billion, or 99.33%, of the total FX activity. nairametrics.com
- [○ 1 SOURCE] Nigeria’s FX market turnover reached $3.73 billion for the week ending August 7, 2026. nairametrics.com
- [○ 1 SOURCE] Personal and educational allowances for international school fees were increased to $25,000 per semester. thepodiummedia.com
- [○ 1 SOURCE] The parallel market US dollar to Naira rate was approximately ₦1,415 for buying and ₦1,425 for selling on August 10, 2026. investorsking.com
- [○ 1 SOURCE] The FX market turnover increased by 117% compared to the previous week. nairametrics.com
- [○ 1 SOURCE] The Naira settled at N1,576 per Euro, compared to N1,573 per Euro the previous week. thepodiummedia.com