Nigeria's foreign exchange market surges to $1.45B turnover on September 10

Nigeria's foreign exchange market recorded its highest daily turnover since July 21, jumping to $1.45 billion on Thursday, September 10, 2026—a 167.2% increase from September 9's $544.11 million. The Central Bank of Nigeria data showed 470 transactions were conducted (up from 276) and interbank deals rose to 234 (from 86).

Despite the surge in activity, the naira appreciated slightly to close at N1,328/$ (a N6 gain from N1,334/$), trading between N1,322.71/$ and N1,333/$ with a weighted average rate of N1,328.22/$. External reserves strengthened to $54.08 billion as of September 3—the first time above $54 billion since December 2008 and exceeding the CBN's 2026 projection of $51.04 billion.

Experts note that while the spike indicates improved liquidity and market participation, sustainability matters more than single-day surges. Dr Olu Olajengbesi of University of Abuja emphasized that sustained higher turnover combined with stable reserves would signal a deeper, more efficient FX market. Dr Muda Yusuf of CPPE suggested large corporate transactions may have driven the spike.

Will this FX market rebound translate to sustained naira stability, or is it merely a temporary liquidity boost from specific corporate deals?

SOURCE: https://nairametrics.com/2026/09/11/nfem-turnover-hits-1-45-billion-as-fx-trading-activity-surges/