‎Naira strengthens to ₦1,328.28 as FMDQ turnover drops 22%

‎• The naira appreciated 1.86 per cent to average ₦1,328.28 per dollar in September 2026.
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‎• FMDQ Exchange turnover fell 22.09 per cent month on month to ₦54.60 trillion.
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‎• Yet FX derivatives turnover rose 28.94 per cent while spot FX trading slid 23.74 per cent.
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‎The naira gained ground against the US dollar in September 2026, even as trading activity on FMDQ Exchange cooled sharply from the previous month.
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‎Data sighted by Confiance News in the FMDQ Markets Monthly Report (Vol. 12, No. 9) show that secondary market turnover on the exchange stood at ₦54.60 trillion. That is a 22.09 per cent decline, or ₦15.48 trillion, from August 2026. Even so, the figure remains 10.15per cent higher, or ₦5.03 trillion, than the turnover recorded in September 2025.
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‎Spot FX trading slows as the naira firms
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‎The foreign exchange market tells much of the story. Confiance News gathered that spot FX turnover came in at $14.59 billion (₦19.38 trillion), a 23.74 per cent decrease, or $5.48 billion, from the $20.74 billion recorded in August.
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‎At the same time, the naira appreciated. The report shows the spot exchange rate fell by 1.86 per cent, or ₦25.13, to average ₦1,328.28 per dollar from ₦1,353.41 in August. Notably, the currency traded within a narrow band of ₦1,320.00 to ₦1,334.00 per dollar throughout the month.
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‎Overall, the Spot Market accounted for the bulk of activity with ₦50.59 trillion in turnover, while the Derivatives Market added ₦4.01 trillion.
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‎Derivatives trading bucks the trend
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‎In contrast, activity in the derivatives segment moved in the opposite direction. Figures obtained by Confiance News indicate that total turnover in the FX segment reached $3.02 billion (₦4.01trillion), an increase of 28.94 per cent, or $0.68 billion, from August 2026.
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‎Taken together, the September numbers show a market that traded less overall, yet delivered a firmer naira and busier derivatives desks. How that balance holds will become clearer when October figures are released.