NIGERIA’S FX TURNOVER FALLS 30.23% AS MARKET ACTIVITY SLOWS

Nigeria’s foreign exchange market recorded a 30.23 per cent decline in total turnover to $2.37bn for the week ended September 18, 2026, according to data from FMDQ Group.

The latest figure represents a $1.03bn decrease from the $3.39bn recorded in the previous week ended September 11.

The decline was driven by reduced activity in both the spot and derivatives segments of the market.

FX spot transactions fell by 21.06 per cent to $2.34bn, compared with $2.96bn recorded a week earlier. Meanwhile, turnover in the derivatives segment dropped significantly by 93.74 per cent, falling from $427.99m to $26.78m.

FMDQ Group’s Group Chief Operating Officer, Tumi Sekoni, attributed the week-on-week decline in total turnover to the reduced activity across both segments.

The entire derivatives turnover for the week came from FX forwards transactions.

Despite the overall decline, spot transactions continued to dominate the market, accounting for 98.87 per cent of total turnover, while derivatives made up the remaining 1.13 per cent.

Average daily FX market turnover also declined to $473.26m from $678.33m recorded in the preceding week, reflecting lower transaction volumes across the market.