NFEM turnover slips 17.7% to $2.25bn as CBN cuts rates to 23%
NFEM turnover fell 17.7% week-on-week to $2.25 billion for week ended Sept 25, 2026, down from $2.74B previous week, marking second consecutive weekly decline. During the week, daily turnover peaked at $777.58 million on Sept 15 and troughed at $335.51 million on Sept 21, with figures of $694.58m on Sept 22, $732.45m on Sept 23 and $492.11m on Sept 24; interbank trades on Sept 25 were $111.06m. Total NFEM turnover for Sep 1–25 reached about $13.58bn, already above the $12.54bn logged for all of August. Despite the turnover dip, the naira traded narrowly between N1,325/$ and N1,336/$, closing at N1,330/$ on Sept 25; the weighted average rate moved from N1,329.80/$ on Sept 21 to N1,329.51/$ on Sept 25 after a brief dip to N1,327.78/$ on Sept 22. External reserves crossed $55bn—their highest level in over 18 years—supporting the currency. The CBN cut its Monetary Policy Rate by 350 basis points to 23% from 26.5% after the Sept 21–22 MPC meeting, as headline inflation eased to 15.39% in August from 15.43% in July. Analysts note the rate cut aims to spur borrowing and investment amid improved FX liquidity; traders will watch whether lower rates boost forex turnover or add depreciation pressure on the naira. With reserves strong, consider how cheaper credit might affect your business loans or investment decisions, and whether you'll adjust forex exposure given the mixed signals.