NFEM Records $12.98bn Turnover as Market Activity Remains Robust
Nume Ekeghe
Trading activity at the Nigerian Foreign Exchange Market (NFEM) remained substantial in September, with total turnover reaching $12.98 billion across 22 trading days, according to market data.
The market recorded an average daily turnover of $590.20 million during the month, reflecting sustained activity across the trading sessions, with several days recording turnover above $600 million.
On a month-on-month basis, however, total NFEM turnover was $1.69 billion lower than the $14.68 billion recorded across 20 trading days in August, representing an 11.5 per cent decline. The September figure nonetheless reflects significant trading activity in the market, with turnover spread across the 22 available trading sessions.
The strongest trading session in September was recorded on September 10, when NFEM turnover stood at $1.45 billion. This was followed by $933.78 million on September 8, $777.58 million on September 15, $732.45 million on September 23 and $694.58 million on September 22.
Other notable sessions included September 18, when turnover reached $667.96 million, while September 21 recorded $482.24 million and September 30 closed with $537.97 million.
The market also recorded lower-volume sessions during the month, with turnover standing at $196.68 million on September 28, the lowest daily figure in the period. September 21 recorded $482.24 million, while September 14 posted $423.95 million.
Meanwhile, interbank trading remained an important component of activity on the NFEM during the month. Total interbank turnover stood at about $2.95 billion in September, accounting for approximately 22.7 per cent of the month’s total NFEM turnover.
Interbank activity averaged about $134.22 million per trading day during the month. The highest interbank turnover during September was recorded on September 10, when activity stood at about $357.30 million. This was followed by approximately $279.19 million on September 23 and $262.12 million on September 15. Interbank turnover was lowest on September 28 at about $24.73 million, while September 8 recorded approximately $55.60 million. The September data also showed continued activity in the number of transactions, with the NFEM recording 6,831 deals during the month. The highest number of NFEM deals on a single day was 470 on September 10, followed by 389 on September 23 and 374 on September 15. September 28 recorded the lowest number of deals at 206. The September trading pattern showed that activity was concentrated around a number of stronger sessions, with the market recording its highest turnover of $1.45 billion on September 10. Overall, the data points to continued depth of activity in the NFEM, even as monthly turnover moderated from the August level.