The Nigerian Naira traded within a tight band across the week, closing at approximately N1,326.51 per dollar at the official window following earlier interventions.
Nigeria’s foreign exchange market recorded a sharp increase in trading activity, with total turnover on the Nigerian Foreign Exchange Market (NFEM) rising to $1.45 billion on Thursday, September 10, the highest daily level since July 21, 2026.
An analysis of market data from the Central Bank of Nigeria reveals that this figure represents a 167.2% surge compared to the $544.11 million recorded the previous day.
The dramatic liquidity expansion was bolstered by a strategic central bank intervention where authorities sold approximately $151 million to authorized dealers. According to a market update from CardinalStone, the funds were offered at rates between N1,322.71 and N1,331.50 per dollar, pushing total transaction deals to 470.
Supported by these interventions, the naira firmed up slightly at the official session, closing around N1,328.22 per dollar on Thursday as trading activity gathered sustained momentum.
This rebound aligns with broader macroeconomic buffers, as Nigeria’s gross external reserves continue to hold firm well above the $54 billion threshold, providing strong support against external volatility.
