Nume Ekeghe
Foreign exchange turnover at the Nigerian Foreign Exchange Market (NFEM) stood at $3.80 billion in the week ended August 7, 2026, as market activity increased towards the end of the week, with 1,514 deals executed across the five trading sessions.
Analysis of NFEM data showed that total turnover between Monday, August 3 and Friday, August 7 stood at $3.80 billion, with Friday recording the highest daily turnover of $1.25 billion.
The Friday turnover accounted for about 32.8 per cent of total transactions recorded during the week, reflecting the stronger activity in the market towards the end of the trading period.
Thursday followed with $878.55 million in turnover, while Tuesday recorded $684.60 million. Monday and Wednesday recorded $532.25 million and $460.14 million respectively.
Friday recorded 273 deals, despite posting the highest turnover for the week, while Thursday recorded the highest number of deals at 292.
Monday followed with 333 deals, Tuesday recorded 343 deals, while Wednesday recorded 273 deals.
Overall, the five trading sessions produced an average of about 303 deals per day, with Tuesday recording the highest daily number of transactions at 343 deals.
Interbank activity accounted for a significant portion of the transactions during the week. A total of 572 interbank deals were executed, representing about 37.8 per cent of the 1,514 deals recorded across the NFEM.
Interbank turnover stood at $860.92 million during the week, representing approximately 22.6 per cent of total NFEM turnover.
Friday recorded the highest interbank turnover at $393.48 million, accounting for almost half of the week’s interbank transactions. Tuesday followed with $156.23 million, while Monday recorded $137.05 million.
Thursday and Wednesday recorded $98.80 million and $75.36 million respectively in interbank turnover.
The relationship between the number of deals and turnover also varied considerably across the week. For instance, Tuesday recorded the highest number of deals at 343, but its total turnover of $684.60 million was below Friday’s $1.25 billion from 273 deals.
Similarly, Thursday recorded 292 deals and generated $878.55 million, indicating relatively higher transaction values compared with some of the other sessions.
Overall, the weekly data points to sustained activity in the official foreign exchange market, with turnover averaging about $760.90 million per trading day.
The concentration of turnover towards the end of the week was particularly notable, as Thursday and Friday jointly accounted for about $2.13 billion, or approximately 56 per cent of total NFEM turnover during the five-day period.