LAGOS — Turnover on the Nigerian Foreign Exchange Market reached $1.41 billion on Monday, August 17, 2026, marking the highest volume recorded in five weeks as trading activity rebounded sharply from earlier lows.
Data published by the Central Bank of Nigeria showed that the mid-August turnover figure was more than seven times higher than the $185 million recorded during the previous low on August 11, 2026. Market participants executed a total of 394 distinct deals during the session, which included 178 interbank transactions. The surge surpassed intermediate daily figures from mid-week sessions, during which volume hovered between $352 million and $607 million.
Naira Appreciation and Official Market Rates
The spike in market turnover coincided with a stronger local currency performance within the official foreign exchange window. The naira closed at N1,350 per dollar on August 17, 2026, strengthening by N8.25 compared to the N1,358.25 per dollar rate registered during the preceding session. Weighted average exchange rates settled at N1,349.54 per dollar, while simple averages stood at N1,350.98 per dollar.
Financial analysts observed that the closing rate marked a noticeable improvement from the N1,365 per dollar level recorded on August 11, when market liquidity reached its recent trough. External reserves supporting the currency remained robust, standing at $52.02 billion as of July 20, 2026, according to official monetary figures.
Market Liquidity and Expert Outlook
Emerging market specialists emphasized that sustaining higher trading volumes remains essential for long-term currency stability and market depth. While single-session surges indicate strong intermittent inflows, consistent daily activity across multiple weeks is required to confirm a lasting structural improvement in foreign exchange liquidity.
Regulatory authorities continue to monitor interbank flows closely as commercial banks adapt to evolving monetary policy measures implemented by the central banking administration.
Why did turnover on the Nigerian Foreign Exchange Market surge on August 17, 2026?
Turnover on the Nigerian Foreign Exchange Market surged to $1.41 billion on August 17, 2026, because trading activity recovered significantly following a sharp slump to an 11-week low of $185 million on August 11, supported by increased interbank transaction volumes and stronger official naira valuations.
The official market data was released by the Central Bank of Nigeria on Tuesday, August 18, 2026.
The next weekly foreign exchange market turnover report from the Central Bank of Nigeria is scheduled for publication on August 24, 2026.