Nigeria’s FX market turnover jumps 146% in one week, FMDQ data shows‎

Dollar trading on Nigeria’s official FX window more than doubled week on week, as spot transactions surged past $5 billion even while forward deals slumped, according to figures obtained by Confiance News.
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Total FX turnover hits $5.06 billion, FMDQ figures reveal
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‎Nigeria’s foreign exchange market recorded a sharp week on week rebound, with total turnover in the FX Spot and Derivatives segments climbing to $5,057.52 million for the week ended August 21, 2026, figures sighted by Confiance News show.
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‎This represents a 146.12 percent increase, or $3,002.63 million, from the $2,054.89 million recorded in the previous week ended August 14, 2026, according to the latest weekly commentary obtained from FMDQ Group.
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‎Spot market single-handedly drives the rally
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‎The entire week on week rally was traced to activity in the spot market, data confirmed by Confiance News indicates.
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‎FX Spot transactions rose by 155.02 percent, adding $3,044.52 million in value to close the week at $5,008.52 million, up from $1,964.00 million recorded the week before. The spot segment alone accounted for 99.03 percent pof total market turnover for the week, cementing its dominance over derivatives trading on the platform.
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‎Forwards and derivatives trading slows sharply
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‎While spot trading boomed, the derivatives side of the market told a different story, according to the report learned by Confiance News.
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‎FX Derivatives turnover, driven entirely by forwards transactions, fell by 46.09%, shedding $41.89 million to settle at $49.00 million for the week, down from $90.89 million previously. FMDQ noted that this decline was solely attributable to the drop in FX Forwards turnover, as no other derivative instruments contributed to the segment’s performance during the period.
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‎What the numbers mean for the naira and forex liquidity
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‎The near tripling of spot dollar trades against a sluggish forwards market suggests renewed appetite for immediate currency settlement, even as market players appear more cautious about locking in future FX positions, industry watchers say.
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‎Daily average trading also reflected the broader trend, with daily turnover rising to $1,011.50 million for the week, compared to $461.40 million in the prior week, a pattern confirmed by figures sighted by Confiance News.