‎FX spot transactions fall by $606.36 million week on week‎

The bulk of Nigeria’s dollar trading volume shrank last week, as spot market activity recorded its steepest weekly slide in recent data, according to figures reviewed by Confiance News.
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‎Trading in Nigeria’s FX Spot market weakened considerably in the week ended September 4, 2026, with turnover dropping to $2,344.20 million from $2,950.56 million recorded a week earlier, data confirmed by Confiance News shows.
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‎This represents a 20.55 percent week-on-week decrease, amounting to $606.36 million, and stands out as the single largest contributor to the overall dip in Nigeria’s FX market turnover for the period.
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‎According to the report obtained by Confiance News from the FMDQ Securities Exchange, daily average spot transactions also declined, falling to $468.84 million from $737.64 million in the prior week.
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‎Despite the pullback, the FX Spot segment retained its dominant position in the market, accounting for 97.07 percent of total FX turnover for the week, slightly up from its 96.06 percent share in the week ended August 28, 2026.
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‎The FX Spot market remains the primary channel through which banks and their clients settle immediate currency transactions, making its performance a key barometer of short-term dollar liquidity conditions in the Nigerian economy.
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‎Confiance News learned that the FMDQ weekly report tracks transactions exclusively between Dealing Member Banks, Authorised Dealers, and their clients, offering a snapshot of interbank-adjacent FX activity rather than the full scope of the broader currency market.