Nigeria’s FX Market Finds Firmer Ground, but Durable Stability Remains a Work in Progress

Digital display showing Nigeria FX market data with professionals reviewing information.

Nigeria’s foreign exchange market showed significant improvement in the first half of 2026, with the NFEM rate stabilizing at US$/₦1,372.41 by July, a notable recovery from early January levels. The market experienced enhanced liquidity, tighter trading ranges, and increased turnover, indicating a shift towards more functional operations despite lingering volatility risks.