Foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) plunged to $185 million on August 11, 2026, marking an 11-week low. This represents a significant contraction from the $646.51 million recorded the previous day. The number of deals also fell sharply to 186, down from 348, as interbank activity slowed. Despite this reduced liquidity, the naira traded within a narrow range, closing slightly weaker at N1,365 per dollar. The Central Bank of Nigeria continues to maintain a tight monetary policy stance, having withdrawn over N11.8 trillion in liquidity through OMO and Treasury Bill auctions in recent weeks. Meanwhile, Nigeria’s external reserves reached $52.14 billion as of August 10.