Nigeria's FX turnover hits 2026 record at $5.06 billion

Nigeria's foreign exchange market recorded its strongest weekly performance so far in 2026, as combined turnover in the forex Spot and Derivatives markets surged by 146.12% to $5.06 billion in the week ended August 21, 2026. The latest figure represents an increase of about $3 billion from the $2.05 billion recorded in the preceding week.

The surge was overwhelmingly driven by spot transactions, which rose to $5.01 billion from $1.96 billion a week earlier. The latest performance surpassed the previous 2026 record of $4.375 billion achieved in the week ended July 24. At an average exchange rate of about N1,346.50 to the dollar during the review period, the transactions were equivalent to approximately ₦6.81 trillion.

Nigeria's foreign exchange reserves have grown by $7.09 billion so far in 2026, climbing to $52.66 billion as of August 19. The naira recorded a 0.84% gain against the US dollar closing the week at ₦1,346.90/$ on Friday, August 21, 2026, appreciating by ₦11.35 from the ₦1,358.25/$ recorded at the close of the previous week on August 14.

The surge signals robust dollar liquidity in Nigeria's FX market and suggests improved access for manufacturers, importers and portfolio investors. The 15.6% jump in reserves since January 2 gives the CBN more firepower to defend the naira and shield the economy from external pressures. For equity investors, a stable naira and liquid FX market reduce currency risk in sectors like consumer goods (DANGCEM, NESTLE, FLOURMILL) and banking (GTCO, ZENITHBANK, FBNH), where dollar funding or imported inputs are material. Nigeria's financial services sector emerged as the country's biggest foreign exchange consumer in Q1 2026, absorbing $8.97 billion.

Head of Research at GTI Securities Limited, Abiodun Ogunniyi, urged caution in interpreting the $5.06 billion figure, noting that the figure represents the gross value of transactions processed. Watch for whether August's momentum is sustained into September or if turnover normalises closer to the $2–3 billion weekly average seen earlier in 2026.