Turnover on the Nigerian Foreign Exchange Market (NFEM) fell to $227.18 million on November 2, 2026, dropping below $300 million for the first time since September 28, when transactions amounted to $196.68 million.
Data from the Central Bank of Nigeria (CBN) present that whole turnover declined sharply from $583.33 million recorded on October 30, representing a fall of about 61.1% in a single buying and selling session.
The decline got here because the naira closed at N1,346.01/$, in contrast with N1,346/$ within the earlier session.
(*28*)NFEM turnover drops sharply
The newest determine additionally represents a major decline from the exercise recorded throughout a lot of October, when day by day turnover incessantly exceeded $400 million and sometimes crossed $1 billion.
- On October 30, the apex financial institution information exhibits that NFEM turnover stood at $583.33 million.
- October 29 recorded $458.91 million, whereas October 28 noticed transactions value $726.33 million.
- Turnover peaked at roughly $3.24 billion on October 23, the best determine in October.
- On November 2, whole transactions fell to $227.18 million, with interbank turnover accounting for about $21.77 million.
The decline suggests a pointy discount in reported overseas trade transactions on the official market in the beginning of November. However, a single day’s turnover doesn’t set up a sustained change in market liquidity or demand.
(*28*)Naira closes at N1,346.01/$
Despite the sharp decline in turnover, the naira remained comparatively steady on the NFEM window on November 2.
The foreign money closed at N1,346.01/$, in contrast with N1,346/$ on October 30. The market recorded a weighted common trade charge of N1,347.94/$, whereas the day’s highest and lowest charges stood at N1,349.50/$ and N1,346/$, respectively.
The CBN information additionally confirmed 177 offers on November 2, down from 252 transactions recorded within the earlier buying and selling session. This coincided with the decrease turnover recorded throughout the day.
(*28*)Foreign reserves and exterior market circumstances
The decline in NFEM turnover comes amid developments in Nigeria’s exterior reserves and exchange-rate market.
The newest NFEM information subsequently present a considerable decline in day by day transaction quantity, even because the trade charge remained broadly unchanged between the final buying and selling session in October and the opening session in November.
