FX Turnover Drops 21% to $2.41bn in First Week of September

By Omolola Makanjuola

Nigeria’s official foreign exchange (FX) market experienced a noticeable change in the first week of September 2026, with total turnover falling sharply week-on-week amid weaker Dollar liquidity.

According to the latest market report released by FMDQ Securities Exchange, forex turnover for the week ended September 4, 2026 dropped 21.38 per cent or $656.67 million to $2.414 billion from the $3.071 billion recorded in the preceding week ended August 28, 2026.

Market operators linked the slowdown to a combination of factors, including lower Dollar supply from the Central Bank of Nigeria (CBN) into the official window during the week, a slowdown in demand after the rush to meet end-of-August obligations by importers and oil companies, and the adoption of a cautious stance by many corporate treasuries ahead of fresh guidance on monetary policy and FX reforms.

Business Post reports that the Naira traded within a tight band in the official market for most of the week, supported by intermittent CBN interventions.

On Monday, the local currency traded at N1,332.94/$1, on Tuesday, it rose to N1,329.43/$1 and followed the same trend on Wednesday at N1,326.69/$1, same as on Thursday at N1,315.67, but fell to N1,321.22/$1 on Friday.

FMDQ said it expects activity to pick up in the coming weeks as Q4 import demand ramps up and as foreign portfolio inflows return.

“Turnover tends to be volatile week-to-week. We anticipate improved liquidity as oil receipts and other dollar inflows hit the system,” a market analyst at FMDQ noted.