Interbank foreign exchange turnover jumped 123% to $179.58 million on September 30, 2026, as the naira strengthened to N1,329.50/$ at the Nigerian Foreign Exchange Market (NFEM).

Data from the Central Bank of Nigeria (CBN) showed that interbank turnover rose from $80.58 million recorded on September 29.

The naira closed at N1,329.50/$ on Wednesday, compared with N1,331/$ on the previous trading day.

The latest movement came amid stronger external reserves, which have crossed $55 billion, and the CBN’s recent decision to reduce its benchmark interest rate.

Interbank FX turnover rebounds sharply

Interbank activity increased significantly on September 30, although the apex bank had yet to release the day’s total NFEM turnover data at the time of filing this report.

  • The naira traded between N1,328/$ and N1,331.75/$, with a weighted average rate of N1,329.16/$.
  • The interbank market recorded 126 deals during the session.
  • The previous day recorded 94 interbank deals, with turnover of $80.58 million.
  • On September 25, interbank turnover stood at $111.06 million from 108 deals.
  • September 24 recorded $105.95 million in interbank turnover from 103 deals.

The latest figures show a sharp rebound in interbank activity after turnover declined on September 29 from the higher levels recorded earlier in the month.

Naira closes September stronger

The naira ended September at N1,329.50/$, broadly maintaining the relatively narrow trading range seen during the latter part of the month.

  • The currency had closed at N1,329/$ on September 1 before moving through different levels during the month, including N1,351.50/$ on August 19 and N1,374.50/$ on July 21.
  • The September 30 intraday high was N1,331.75/$.
  • The intraday low was N1,328/$.
  • The weighted average rate stood at N1,329.16/$.
  • On September 29, the naira closed at N1,331/$, with a weighted average of N1,330.47/$.

The September movement comes against a backdrop of higher foreign exchange reserves and recent monetary policy easing by the CBN.

Reserves strengthen as CBN cuts MPR

Nigeria’s foreign reserves crossed $55 billion in September, reaching their highest level in more than 18 years, according to CBN Governor Olayemi Cardoso.

At the same MPC meeting, the committee recalibrated the asymmetric corridor around the Monetary Policy Rate (MPR) to +50/-300 basis points.

The committee also retained the Cash Reserve Requirement (CRR) at 45% for Deposit Money Banks and 16% for Merchant Banks, while maintaining the 75% CRR on non-Treasury Single Account (TSA) public sector deposits.