By Peace Udugba
Turnover in Nigeria’s Foreign Exchange (FX) Spot and Derivatives markets surged by 116.98% week-on-week to $3.73 billion in the week ended August 7, 2026, according to the latest Foreign Exchange Market Analysis Report by FMDQ.
The total turnover stood at $3,729.44 million during the week, representing an increase of $2,010.67 million from the $1,718.77 million recorded in the week ended July 31, 2026.
FMDQ said the week-on-week increase in total turnover was driven primarily by higher activity in the FX Spot market, alongside an increase in FX Derivatives transactions.
FX Spot transactions rose by 117.32% week-on-week, increasing by $1,999.84 million from $1,704.60 million to $3,704.44 million during the week under review.
FX Derivatives turnover also increased by 76.43%, rising by $10.83 million from $14.17 million in the week ended July 31 to $25 million in the week ended August 7, 2026.
According to FMDQ, the increase in FX Derivatives turnover was driven by a 76.43% rise in FX Forwards transactions, which increased by $10.83 million from $14.17 million to $25 million.
The latest figures highlight a sharp week-on-week increase in trading activity between FMDQ Dealing Member (Banks)/Authorised Dealers and their clients across Nigeria’s formal FX market.
Table 1: Weekly FX Turnover Analysis
