The Nigerian Autonomous Foreign Exchange Market (NAFEM) recorded a turnover of $1.41 billion in the week ending August 15, 2026, marking the highest weekly total in five weeks, according to data from FMDQ Securities Exchange.
Surge in Dollar Supply
The figure represents a significant increase from the previous week's $1.21 billion, reflecting a 16.5% rise in dollar supply. This uptick is attributed to improved liquidity in the official market, as the Central Bank of Nigeria (CBN) continues its efforts to stabilize the naira.
Market analysts note that the surge in turnover indicates growing confidence among investors and businesses in the official window, which has been a focal point of the CBN's foreign exchange reforms.
Naira Appreciates Slightly
Concurrently, the naira appreciated marginally against the US dollar in the NAFEM window, trading at an average of N1,540 per dollar, compared to N1,550 in the previous week. This appreciation comes despite the increased dollar supply, suggesting a balanced demand-supply dynamic.
In the parallel market, the naira held steady at around N1,560 per dollar, narrowing the gap between the official and unofficial rates to approximately 1.3%.
Implications for the Economy
The higher turnover and relative stability in the exchange rate are seen as positive signals for the economy, potentially easing import costs and supporting external reserves. However, economists caution that sustained liquidity is needed to maintain this trend.
According to a statement from the CBN, the central bank remains committed to ensuring transparency and efficiency in the forex market, with further measures expected to boost supply.
