Nigeria’s FX market turnover drops by $656.67 million in a week

Dollar liquidity in Nigeria’s official FX window tightened sharply last week, as fresh data reveals a steep pullback in trading activity across spot and derivatives segments.
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‎Nigeria’s foreign exchange market recorded a significant slowdown in the week ended September 4, 2026, with total turnover across the FX Spot and Derivatives segments falling to $2,414.85 million, according to data sighted by Confiance News.
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‎The figure represents a 21.38 percent decline, equivalent to $656.67 million, from the $3,071.52 million recorded in the preceding week ended August 28, 2026.
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‎Data obtained by Confiance News from the FMDQ Securities Exchange showed that the drop cut across both major segments tracked in the weekly FX turnover report, which captures trades between FMDQ Dealing Member Banks, Authorised Dealers, and their clients.
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‎The daily average turnover for the week also fell sharply, sliding to $482.97 million from $767.88 million the previous week, underscoring a broad-based dip in dollar demand and supply activity during the period.
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‎Analysts who track Nigeria’s FX market often attribute such week-on-week swings to shifts in corporate demand, portfolio flows, and seasonal trading patterns, though the FMDQ report did not specify the underlying cause of the decline.
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‎Confiance News gathered that the FX Spot market alone accounted for the bulk of total activity, commanding a 97.07 percent share of the week’s turnover, while FX Derivatives, comprising FX Forwards, made up the remaining 2.93 percent.