Interbank foreign exchange turnover surged by 123% to $179.58 million on September 30, 2026, as the naira strengthened against the US dollar at Nigeria’s official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that turnover rose from $80.58 million on September 29. The naira closed at N1,329.50/$, compared with N1,331/$ in the previous session.
The development came as Nigeria’s external reserves remained above $55 billion, while the CBN recently reduced its benchmark interest rate from 26.5% to 23%.
FX market activity rebounds
Trading activity increased significantly during the September 30 session.
The naira traded between N1,328/$ and N1,331.75/$, with a weighted average rate of N1,329.16/$.
The market also recorded 126 deals, up from 94 deals recorded the previous day, according to the figures reported from CBN data.
For comparison:
- September 30: $179.58 million from 126 deals
- September 29: $80.58 million
- September 25: $111.06 million from 108 deals
- September 24: $105.95 million from 103 deals
The latest figures represent a sharp rebound in interbank activity following the decline recorded on September 29.
Naira closes September relatively stable
The naira ended September at N1,329.50/$, compared with N1,329/$ at the beginning of the month.
During the September 30 session, the currency recorded an intraday high of N1,331.75/$ and a low of N1,328/$.
The weighted average stood at N1,329.16/$, compared with N1,330.47/$ recorded on September 29.
The relatively narrow trading range towards the end of September reflects the increased stability seen in the official FX market in recent weeks.
Reserves cross $55 billion
The movement in the foreign exchange market comes against the backdrop of stronger external reserves.
Nigeria's gross external reserves reached $55.25 billion as of September 18, according to CBN Governor Olayemi Cardoso. The CBN described the figure as the country's highest reserve level in more than 18 years and sufficient to cover about 11.3 months of imports of goods and services.
The stronger reserve position has coincided with reduced foreign exchange pressure and improved external-sector indicators.
The CBN also reported that Nigeria's current-account surplus increased by 67.92%, from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter.
What the latest figures mean
The combination of higher FX turnover, stronger reserves and a relatively stable naira points to increased activity and liquidity in the formal foreign exchange market.
For businesses and individuals that depend on foreign currency, movements in the official exchange rate can affect the cost of imports, international payments and other dollar-denominated transactions.
However, daily turnover and exchange-rate movements can fluctuate, so a single trading session does not, by itself, establish a long-term trend.
Source: Nairametrics