NFEM turnover crashes 61% to $227M as naira holds at N1,346/$
NFEM turnover plummeted to $227.18 million on November 2, the first time below $300 million since September 28, marking a 61% drop from $583.33 million the previous session on October 30. The Central Bank of Nigeria data shows only 177 deals executed, down from 252, with interbank turnover accounting for just $21.77 million.
This sharp contraction follows an October where daily turnover regularly exceeded $400 million and peaked at $3.24 billion on October 23. Despite the volume collapse, the naira closed nearly flat at N1,346.01/$, compared to N1,346/$ on October 30, with a weighted average rate of N1,347.94/$ and intraday range of N1,346–N1,349.50.
The decline coincides with Nigeria's gross foreign reserves rising just $295.35 million in October—the slowest monthly increase this year—while net reserves hit a record $46 billion. The naira has surrendered 42% of its July–September gains, weakening from N1,329.50/$ at end-September to current levels.
A single session doesn't confirm a liquidity trend, but the drop signals reduced dollar supply or demand at the official window. Market participants should watch whether this persists through the week or reflects temporary positioning.
Will the CBN intervene to support volumes, or is this a natural market adjustment as year-end dollar demand shifts?