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 complete 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.
NFEM turnover drops sharply
The newest determine additionally represents a big decline from the exercise recorded throughout a lot of October, when every day turnover ceaselessly exceeded $400 million and infrequently crossed $1 billion.
(*28*)
The decline suggests a pointy discount in reported international trade transactions on the official market at first of November. However, a single day’s turnover doesn’t set up a sustained change in market liquidity or demand.
Naira closes at N1,346.01/$
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 fee of N1,347.94/$, whereas the day’s highest and lowest charges stood at N1,349.50/$ and N1,346/$, respectively.
The CBN knowledge 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 in the course of the day.
Foreign reserves and exterior market situations
The decline in NFEM turnover comes amid developments in Nigeria’s exterior reserves and exchange-rate market.
The newest NFEM knowledge subsequently present a considerable decline in every day transaction quantity, even because the trade fee remained broadly unchanged between the final buying and selling session in October and the opening session in November.
