Foreign exchange turnover in Nigeria's official market collapsed by more than 40% in the second week of July, dropping to $1.63 billion.
The sharp decline in transaction volume coincides with a period of relative stability for the naira, which has resisted broader depreciation pressures despite a strengthening US dollar globally.
57% from the prior period, according to data cited by Nairametrics.
The Nigerian Foreign Exchange Market (NFEM) saw its weekly turnover fall 46.57% from the prior period, according to data cited by Nairametrics.
This contraction in liquidity comes as the official exchange rate has remained anchored, hovering around ₦1,370 per dollar in recent sessions.
The stability marks a continuation of the trend observed earlier in the month, when the naira traded near ₦1,380 on July 1.
The divergence between stable pricing and shrinking volume suggests a market in pause, with participants potentially cautious amid global dollar strength.