Rising Interbank Activity Pushes Forex Turnover Up 142% To $5.28bn

Rising interbank activity drove a sharp increase in turnover in the Nigerian Foreign Exchange Market (NFEM), with total transactions climbing 142 per cent to $5.28 billion last week, according to data from the Central Bank of Nigeria (CBN).

CBN data showed that total turnover rose by $3.1 billion to $5.278 billion in the five-day trading period ended August 21, 2026, from $2.178 billion recorded in the preceding week ended August 14.

The increase lifted average daily turnover to $1.06 billion, compared with $435.7 million in the previous week.

Interbank transactions were a major driver of the surge, rising to $1.70 billion during the latest review period from $610.36 million in the preceding week. This represents an increase of about $1.09 billion, or 179.3 per cent.

On a daily basis, average interbank turnover climbed to $340.9 million from $122.1 million in the previous week.

The latest trading week also recorded several strong daily sessions, with total turnover peaking at $1.41 billion on August 17. This was followed by $1.11 billion on August 19 and $1.08 billion on August 18.

The market recorded $920.46 million in turnover on August 20 and $755.87 million on August 21.

Interbank activity followed a similar pattern, recording its highest daily turnover of $437.53 million on August 17.

This was followed by $371.78 million on August 20, $370.98 million on August 19, $364.71 million on August 18 and $159.73 million on August 21.

The figures indicate that interbank transactions accounted for a larger share of overall NFEM activity during the week, rising to about 32.3 per cent of total turnover from 28 per cent in the preceding week.

The increase in turnover points to stronger trading momentum in the official foreign exchange market, with banks and other market participants recording significantly higher transaction volumes.

The data also suggests that the interbank segment is playing an increasingly important role in supporting liquidity and sustaining activity in the official foreign exchange market.