Nigeria’s FX Turnover Jumps 117% to $3.73 Billion

Nigeria’s foreign exchange market experienced a sharp rebound in activity for the week ended August 7, 2026, recording a total turnover of $3.73 billion.

This represents a 117% surge from $1.72 billion the previous week, signaling sustained investor demand for dollar positioning. While overall trading volumes moderated slightly from late July’s record peak of $4.4 billion, daily average turnover climbed sharply from $343.75 million to $745.89 million, according to data from the FMDQ Exchange.

Trading flow was almost entirely dominated by immediate settlement deals. Spot market transactions generated $3.70 billion, accounting for an overwhelming 99.33% of all foreign exchange activity during the week.

By contrast, forward contracts and derivatives played a marginal role, recording just $25 million each despite modest week-on-week growth. Combined, these non-spot instruments comprised a mere 1.34% of total market turnover.

This heavy imbalance underscores a persistent trend across Nigeria’s FX landscape in 2026. The market remains structurally dependent on spot transactions, driven by strong intraday demand for immediate dollar liquidity rather than long-term hedging or derivative instruments.