FMDQ Reports 51.29% Decline in Nigeria’s FX Market Turnover

FMDQ Group has reported a 51.29 per cent week-on-week decline in total turnover in Nigeria’s Foreign Exchange (FX) Spot and Derivatives markets for the week ended November 6, 2026.

According to the latest FMDQ Foreign Exchange Market Analysis Report, total transactions across the FX Spot and Derivatives markets stood at $1.81 billion ($1,808.35 million) during the week, down from $3.71 billion ($3,712.53 million) recorded in the preceding week ended October 30, 2026.

The decline, representing a reduction of $1.90 billion ($1,904.18 million), was driven by lower trading activities in both the FX Spot and Derivatives segments of the market.

FX Spot Transactions Account for Majority of Turnover

The report showed that FX Spot transactions recorded a total turnover of $1,786.15 million during the review week, compared with $3,638.70 million in the previous week.

This represented a week-on-week decline of 50.91 per cent, equivalent to $1,852.55 million.

FX Spot transactions accounted for 98.77 per cent of the total FX market turnover during the week, with a daily average of $357.23 million.

FX Derivatives Turnover Falls by 69.93%

Similarly, turnover in the FX Derivatives market, comprising FX Forwards, declined significantly during the period.

Transactions in the segment fell by 69.93 per cent, from $73.83 million in the week ended October 30 to $22.20 million in the week ended November 6, 2026.

The segment accounted for 1.23 per cent of total market turnover, with a daily average of $4.44 million.

Weekly FX Market Turnover Breakdown

The report’s comparison of trading activities for the two weeks showed the following:

Overall, the figures indicate a substantial reduction in trading activities across Nigeria’s FX Spot and Derivatives markets during the week ended November 6, 2026.