By Peace Udugba
Nigeria’s foreign exchange market recorded a sharp decline in trading activity during the week ended July 10, 2026, with total turnover falling by 46.57 per cent to $1.631 billion, according to the latest report by FMDQ Securities Exchange.
The FMDQ Foreign Exchange Market Analysis Report showed that total turnover across the FX Spot and Derivatives markets dropped from $3.053 billion in the week ended July 3, 2026, to $1.631 billion, representing a week-on-week decline of $1.422 billion.
According to the report, the decline was driven by weaker trading activity across both the FX Spot and FX Derivatives segments of the market.
FX Spot transactions accounted for the largest share of the decline, with turnover falling by 46.62 per cent to $1.580 billion, down from $2.960 billion recorded in the previous week. This represents a reduction of $1.380 billion in trading value.
Similarly, turnover in the FX Derivatives market declined by 45.19 per cent, representing a decrease of $42.23 million compared to the preceding week.
FMDQ attributed the contraction in derivatives trading primarily to a significant decline in FX Forwards transactions during the review period.
The latest figures indicate a slowdown in overall foreign exchange market activity during the week under review, reflecting reduced trading volumes across key segments of Nigeria’s foreign exchange market.
Table 1: Weekly FX Turnover Analysis
