{"id":7739,"date":"2026-11-03T14:16:05","date_gmt":"2026-11-03T14:16:05","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/03\/nfem-turnover-falls-below-300-million-for-first-time-since-september-28\/"},"modified":"2026-11-03T14:16:05","modified_gmt":"2026-11-03T14:16:05","slug":"nfem-turnover-falls-below-300-million-for-first-time-since-september-28","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/03\/nfem-turnover-falls-below-300-million-for-first-time-since-september-28\/","title":{"rendered":"NFEM turnover falls below $300 million for first time since September 28"},"content":{"rendered":"<p>Turnover at the Nigerian Foreign Exchange Market (NFEM) fell to $227.18 million on November 2, 2026, dropping below $300 million for the first time since September 28, when transactions amounted to $196.68 million.<\/p>\n<p>Data from the Central Bank of Nigeria (CBN) show that total turnover declined sharply from $583.33 million recorded on October 30, representing a fall of about 61.1% in one trading session.<\/p>\n<p>The decline came as the naira closed at N1,346.01\/$, compared with N1,346\/$ in the previous session.<\/p>\n<h4><strong>NFEM turnover drops sharply<\/strong><\/h4>\n<p>The latest figure also represents a significant decline from the activity recorded during much of October, when daily turnover frequently exceeded $400 million and occasionally crossed $1 billion.<\/p>\n<ul>\n<li>On October 30, the apex bank data shows that NFEM turnover stood at $583.33 million.<\/li>\n<li>October 29 recorded $458.91 million, while October 28 saw transactions worth $726.33 million.<\/li>\n<li>Turnover peaked at approximately $3.24 billion on October 23, the highest figure in October.<\/li>\n<li>On November 2, total transactions fell to $227.18 million, with interbank turnover accounting for about $21.77 million.<\/li>\n<\/ul>\n<p>The decline suggests a sharp reduction in reported foreign exchange transactions at the official market at the start of November. However, a single day\u2019s turnover does not establish a sustained change in market liquidity or demand.<\/p>\n<h4><strong>Naira closes at N1,346.01\/$<\/strong><\/h4>\n<p>Despite the sharp decline in turnover, the naira remained relatively stable at the NFEM window on November 2.<\/p>\n<p>The currency closed at N1,346.01\/$, compared with N1,346\/$ on October 30. The market recorded a weighted average exchange rate of N1,347.94\/$, while the day\u2019s highest and lowest rates stood at N1,349.50\/$ and N1,346\/$, respectively.<\/p>\n<p>The CBN data also showed 177 deals on November 2, down from 252 transactions recorded in the previous trading session. This coincided with the lower turnover recorded during the day.<\/p>\n<h4><strong>Foreign reserves and external market conditions<\/strong><\/h4>\n<p>The decline in NFEM turnover comes amid developments in Nigeria\u2019s external reserves and exchange-rate market.<\/p>\n<p>The latest NFEM data therefore show a substantial decline in daily transaction volume, even as the exchange rate remained broadly unchanged between the last trading session in October and the opening session in November.<\/p>\n<p>Source: <\/p>\n<div class=\"nSourse\">Nairametrics<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Turnover at the Nigerian Foreign Exchange Market (NFEM) fell to $227.18 million on November 2, 2026, dropping below $300 million for the first time since September 28, when transactions amounted&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7739","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/7739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=7739"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/7739\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=7739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=7739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=7739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}