Naira Falls as Interbank FX Turnover Dips 52% on Reduced Deal Count
The naira slid by ₦1.30 to ₦1,363.85 at the Nigerian foreign exchange market (NFEM) as demand for US dollars eclipsed total forex supplied across key sources.
The local currency market experienced frail US dollar volume in the absence of significant FX support from the monetary authority’s intervention and robust demand for international payments.
Financial institutions’ activities slowed on Wednesday, with the Central Bank of Nigeria (CBN) daily data showing a sharp decline in interbank FX turnover and deals count.
In its official data obtained by MarketForces Africa intelligence, the spot FX rate depreciated from N1362.5542 per dollar to N1363.8491 on Wednesday.
During the trading session, the official exchange rate for the local unit hovered between N1361.75000 and N1364.9000 per US dollar traded, reflecting FX liquidity shortage.
NFEM interbank FX turnover declined to $75.357 million during the midweek trading session, down by approximately 52% from $156.228 million recorded the previous day.
Also, the number of deals executed by market makers at the interbank window reduced to 82 from 189 in the previous period. Meanwhile, the naira held tight at the informal segment in the absence of significant demand pressures for dollar payments.
The CBN-authorised Bureaux de change quoted N1415 per US dollar across Abuja and Lagos, based on channel checks conducted by MarketForces Africa.
Meanwhile, Nigeria’s gross external reserves rose by US$5.31 million to US$51.95 billion as of 4 August 2026, underpinning expectations of broad stability.
