Nigerian FX Market Surges As Turnover Doubles To $3.37bn In One Week

• FMDQ Weekly Report Shows 98.58% Spike Driven by Massive Inflows in Spot and Forward Transactions
• FX Spot Trading Climbs 98.37% to $3.24bn While Derivatives Surge Past $131m Benchmarks
• Daily Average Market Liquidity Reaches $673.97m as Authorised Dealers Deepen Client Interactivity

Activity across the Nigerian foreign exchange market experienced an extraordinary rebound during the week ended October 9, 2026, as total turnover nearly doubled following a surge in both spot and derivative transactions, according to data released by FMDQ Group.

Total turnover in the FX spot and derivatives markets hit $3,369.85 million for the week under review, representing a sharp 98.58 percent—or $1,672.88 million—increase compared to the $1,696.97 million recorded in the preceding week ended October 2, 2026.

The broad market expansion was spearheaded by robust activity in spot trading between banks and their corporate clients. FX Spot transactions jumped by 98.37 percent, adding $1,605.66 million to reach a total value of $3,237.90 million, up from $1,632.24 million the previous week. Spot trading maintained its dominant market share, accounting for 96.08 percent of total weekly turnover.

Simultaneously, the derivatives segment—comprising FX Forwards—registered a corresponding expansion, climbing 103.85 percent to close at $131.95 million ($67.22 million higher than the $64.73 million posted the prior week), accounting for 3.92 percent of the aggregate market share.

On a daily average basis, market liquidity scaled upward significantly. Daily turnover averaged $673.97 million during the week ended October 9, 2026, marking a substantial jump from the $424.24 million average recorded during the week ended October 2, 2026.