Turnover at the Nigerian Foreign Exchange Market (NFEM) fell to $227.18 million on November 2, 2026, dropping below $300 million for the first time since September 28, when transactions amounted to $196.68 million.

Data from the Central Bank of Nigeria (CBN) show that total turnover declined sharply from $583.33 million recorded on October 30, representing a fall of about 61.1% in one trading session.

The decline came as the naira closed at N1,346.01/$, compared with N1,346/$ in the previous session.

NFEM turnover drops sharply

The latest figure also represents a significant decline from the activity recorded during much of October, when daily turnover frequently exceeded $400 million and occasionally crossed $1 billion.

• On October 30, the apex bank data shows that NFEM turnover stood at $583.33 million.
• October 29 recorded $458.91 million, while October 28 saw transactions worth $726.33 million.
• Turnover peaked at approximately $3.24 billion on October 23, the highest figure in October.
• On November 2, total transactions fell to $227.18 million, with interbank turnover accounting for about $21.77 million.

The decline suggests a sharp reduction in reported foreign exchange transactions at the official market at the start of November. However, a single day’s turnover does not establish a sustained change in market liquidity or demand.

Naira closes at N1,346.01/$

Despite the sharp decline in turnover, the naira remained relatively stable at the NFEM window on November 2.

The currency closed at N1,346.01/$, compared with N1,346/$ on October 30. The market recorded a weighted average exchange rate of N1,347.94/$, while the day’s highest and lowest rates stood at N1,349.50/$ and N1,346/$, respectively.

The CBN data also showed 177 deals on November 2, down from 252 transactions recorded in the previous trading session. This coincided with the lower turnover recorded during the day.

Foreign reserves and external market conditions

The decline in NFEM turnover comes amid developments in Nigeria’s external reserves and exchange-rate market.

The latest NFEM data therefore show a substantial decline in daily transaction volume, even as the exchange rate remained broadly unchanged between the last trading session in October and the opening session in November.