Total turnover in the Nigerian Foreign Exchange Market rose to $14.45 billion in August from $12.69 billion in July, a 13.8 per cent increase based on available trading days. The naira also strengthened over the month, closing at N1,335.50 per dollar on 31 August, compared with N1,365 on 3 August.
The August total covers 19 trading days for which turnover figures were available. Data for 31 August had not been posted at the time of compilation and were therefore excluded from the monthly aggregate. On that basis, turnover rose by $1.76 billion from the $12.69 billion recorded across 23 trading days in July.
Average Daily Volumes and Peak Sessions
Average daily turnover increased to $760.43 million in August from $551.77 million in July, a rise of about $208.66 million per trading day. The strongest session was 17 August, when NFEM turnover reached $1.41 billion. That was followed by $1.25 billion on 7 August, $1.11 billion on 19 August, $1.08 billion on 18 August and $1.06 billion on 27 August.
Two other days exceeded $900 million: 20 August with $920.46 million and 26 August with $913.76 million. Lower-volume sessions included 11 August, which recorded the lowest available daily figure at $184.997 million, along with 14 August at $352.34 million and 13 August at $387.09 million.
Interbank Segment Expands Faster
Interbank trading rose more sharply than the overall market. Total interbank turnover increased 17.7 per cent to $3.99 billion in August from $3.39 billion in July. Average daily interbank turnover climbed to $199.68 million from $147.55 million.
The highest interbank volume was $437.53 million on 17 August, followed by $393.48 million on 7 August, $371.79 million on 20 August, $370.98 million on 19 August and $364.71 million on 18 August. The lowest interbank figure was $29.06 million on 11 August, with 13 August recording $79.10 million and 5 August $75.36 million. The interbank segment accounted for about 27.6 per cent of the $14.45 billion total NFEM turnover.
Naira Appreciates 2.2 Per Cent
The naira closed at N1,365 per dollar on 3 August, the first trading day covered by the data, and finished 31 August at N1,335.50. That represents an appreciation of N29.50, or roughly 2.2 per cent. The weakest closing rate was N1,365.10 on 6 August, while the strongest was N1,335.50 on 31 August.
On the final trading day the naira moved within a wide intraday range of N1,320 to N1,343 before settling at N1,335.50.
Deal Count Also Higher
Available NFEM data recorded 6,029 deals in August, of which 2,837 were interbank transactions. The busiest day was 26 August with 479 deals, followed by 425 deals on 27 August and 409 deals on 12 August. 11 August registered the lowest number of deals at 186.
For Nigerian businesses, the figures point to stronger official foreign exchange market activity and a firmer naira during the month. The rise in average daily turnover and interbank participation suggests improved liquidity in the official window, although the exclusion of 31 August data means the full monthly picture could change once final figures are released.
