By Peace Udugba — The Daily Torch Media
Turnover in Nigeria’s foreign exchange (FX) Spot and Derivatives markets fell by 30.23 per cent week-on-week to $2.37 billion for the week ended September 18, 2026, according to the latest FMDQ Weekly Foreign Exchange Market Analysis Report.
FMDQ Group said total FX turnover stood at $2.366 billion during the review week, down by $1.025 billion from the $3.392 billion recorded in the week ended September 11, 2026.
The decline was driven by lower activity in both the FX Spot and Derivatives segments of the market.
According to the report, FX Spot transactions accounted for $2.340 billion, representing 98.87 per cent of total turnover during the week.
The figure was 21.06 per cent lower than the $2.964 billion recorded in the previous week, representing a weekly decline of $624.13 million.
FX Spot transactions averaged $467.90 million daily during the week, compared with a daily average of $592.73 million in the preceding week.
FX derivatives turnover plunges 93.74%
The FX Derivatives market recorded a sharper decline during the period under review.
Turnover in FX Derivatives, comprising FX Forward transactions, fell by 93.74 per cent to $26.78 million from $427.99 million recorded in the previous week.
The decline represents a week-on-week reduction of $401.21 million.
FX Derivatives accounted for 1.13 per cent of total FX market turnover during the week, compared with 12.62 per cent in the week ended September 11.
The daily average turnover in the segment also dropped to $5.36 million from $85.60 million.
Total FX market activity
FMDQ reported that total FX Spot and Derivatives turnover averaged $473.26 million per day during the week ended September 18, compared with $678.33 million recorded in the previous week.
The latest figures indicate that the decline in weekly FX market activity was primarily attributable to the sharp contraction in FX Spot transactions, alongside the substantial drop in FX Forward turnover.
FMDQ Group provides financial market infrastructure and services across trading, clearing, settlement, securities depository, and market data and information services.
The organisation said the report provides weekly commentary and data on activities in Nigeria’s foreign exchange market.
Table 1: Weekly FX Turnover Analysis
