By Peace Udugba — The Daily Torch Media
Nigeria’s foreign exchange (FX) market recorded a total turnover of $2.60 billion in the week ended October 23, 2026, representing a 0.95 per cent decline from the $2.62 billion recorded in the previous week, according to the latest report by FMDQ Group.
The report, scheduled for publication on Monday, October 26, 2026, showed that total turnover in the FX spot and derivatives markets stood at $2,595.73 million, down by $24.97 million from the $2,620.70 million recorded in the week ended October 16, 2026.
The decline was driven by lower transaction volumes in both the spot and derivatives segments of the market.
According to the report, FX spot transactions recorded a turnover of $2,574.59 million during the review week, representing a decrease of $21.22 million, or 0.82 per cent, compared with the $2,595.81 million recorded in the preceding week.
Despite the decline, spot transactions accounted for 99.19 per cent of total FX market turnover during the week, up from 99.05 per cent in the previous week.
The derivatives segment, comprising foreign exchange forwards, also recorded a decline in activity.
Turnover in FX derivatives fell by 15.07 per cent to $21.14 million from $24.89 million in the previous week, representing a decrease of $3.75 million.
The segment contributed 0.81 per cent of total market turnover during the week, compared with 0.95 per cent in the preceding week.
On a daily average basis, the FX spot market recorded transactions worth $514.92 million, compared with $519.16 million in the previous week.
Similarly, the daily average turnover in FX derivatives declined to $4.23 million from $4.98 million.
Consequently, the combined daily average turnover across the spot and derivatives markets stood at $519.15 million, down from $524.14 million in the week ended October 16, 2026.
The figures highlight the slight moderation in overall foreign exchange market activity during the review period, with spot transactions continuing to account for the overwhelming share of reported turnover.
FMDQ Group is a financial market infrastructure group operating across Nigeria’s debt capital, derivatives and equity markets, providing services that include trading, clearing, settlement, securities depository and financial market data.
The group plays a role in providing market information and infrastructure to support transparency and efficiency in Nigeria’s financial markets.
Tags: FMDQ Group, Nigerian foreign exchange market, FX market turnover, foreign exchange derivatives, FX spot transactions, Nigerian financial markets.
