By Peace Udugba -The Daily Torch Media
Nigeria’s foreign exchange (FX) market recorded a significant increase in trading activities in the week ended October 30, 2026, with total turnover rising by 43.02 per cent to $3.71 billion, according to the latest Foreign Exchange Market Analysis Report released by FMDQ Group Plc.
The report showed that total turnover in the FX Spot and Derivatives markets stood at $3,712.53 million, representing an increase of $1,116.80 million from the $2,595.73 million recorded in the preceding week ended October 23, 2026.
The growth was largely driven by increased activities in the FX Spot market, which recorded a 41.33 per cent increase in turnover to $3,638.70 million, compared with $2,574.59 million in the previous week.
Similarly, transactions in the FX Derivatives market, comprising FX Forward contracts, recorded an increase of 249.24 per cent, equivalent to $52.69 million, during the review period.
According to FMDQ, the combined performance of the Spot and Derivatives segments accounted for the 43.02 per cent week-on-week increase in total FX market turnover.
The report compares trading activities between banks, including FMDQ Dealing Member Banks and Authorised Dealers, and their clients for the weeks ended October 23 and October 30, 2026.
FMDQ Group Plc is a financial market infrastructure group committed to developing and supporting the Nigerian financial markets through market transparency, innovation and efficient trading infrastructure.
