FX TURNOVER SURGES 146% TO $5.05BN IN ONE WEEK

Trading activity in Nigeria’s foreign exchange market surged by 146.12 per cent to $5.05 billion in the week ended August 21, 2026, according to data from FMDQ Securities Exchange.

The latest figure represents an increase of about $3 billion from the $2.05 billion recorded in the previous week.

The surge was driven mainly by activity in the spot foreign exchange market, where transaction volume increased by 155.02 per cent to $5.01 billion, up from $1.96 billion in the preceding week.

As a result, spot transactions accounted for 99.03 per cent of total FX market turnover during the week, compared with 95.58 per cent previously.

Average daily spot turnover also increased to about $1 billion, while average daily turnover across all FX market segments rose to $1.01 billion from $461.40 million.

The increased market activity comes amid improved foreign exchange liquidity, sustained foreign portfolio inflows and stronger external reserves, which recently crossed $52.5 billion.

The Central Bank of Nigeria’s Electronic Foreign Exchange Matching System and its monetary policy measures aimed at improving exchange-rate stability also supported market participation.

However, the derivatives segment recorded a decline during the period. FX derivatives turnover fell by 46.09 per cent to $49 million, from $90.89 million in the previous week.

The decline was driven by lower activity in FX forwards, with analysts linking the reduced demand for hedging instruments to improved immediate liquidity in the spot market.

The latest figures point to significantly higher trading activity and liquidity in Nigeria’s official foreign exchange market.