By Peace Udugba — The Daily Torch Media
Nigeria’s foreign exchange (FX) market recorded a sharp increase in transaction turnover in the week ended October 9, 2026, with total transactions in the spot and derivatives markets rising by 98.58 per cent to $3.37 billion, according to the latest market analysis released by FMDQ.
The total turnover stood at $3.36985 billion, representing an increase of $1.67288 billion compared with the $1.69697 billion recorded in the week ended October 2, 2026.
The strong week-on-week performance was driven by increased activity in both the foreign exchange spot and derivatives markets, reflecting a significant rise in reported transactions during the review period.
FX Spot Transactions Lead Market Growth
Data from FMDQ showed that FX spot transactions accounted for the largest share of market turnover during the week.
Spot market turnover increased by 98.37 per cent, or $1.60566 billion, to $3.23790 billion from $1.63224 billion recorded in the preceding week.
The increase in spot transactions was the principal contributor to the overall growth in FX market turnover, accounting for the bulk of the additional trading activity recorded during the period.
FX Derivatives Turnover Also Rises
The foreign exchange derivatives market also recorded a significant increase in turnover during the week, with transactions comprising FX forwards.
According to the report, turnover in FX derivatives rose by 103.85 per cent, representing an increase of $67.22 million over the previous week’s figure.
The growth in derivatives transactions complemented the increase in spot market activity, contributing to the near-doubling of total turnover across both market segments.
Market Activity Nearly Doubles in One Week
The latest figures indicate a substantial week-on-week expansion in reported transactions in Nigeria’s FX spot and derivatives markets.
Total turnover rose from approximately $1.70 billion in the week ended October 2 to $3.37 billion in the week ended October 9, highlighting the marked increase in trading activity over the review period.
However, the increase in turnover alone does not establish whether the naira appreciated or depreciated during the week. A separate assessment of exchange-rate movements would be required to determine the direction of the currency’s performance.
The figures are contained in FMDQ’s Foreign Exchange Market Analysis Report for the week ended October 9, 2026, which compares transactions between dealing member banks and authorised dealers and their clients across the two reporting periods.
Table 1: Weekly FX Turnover Analysis
Tags: FMDQ, Nigerian foreign exchange market, FX market turnover, foreign exchange transactions, FX spot market, FX derivatives, FX forwards, Nigerian capital market, financial markets, naira.
