The total turnover in Nigeria’s Foreign Exchange (FX) Spot and Derivatives markets rose by 98.58% to $3.37 billion in the week ended October 9, 2026, according to the latest FMDQ Exchange market analysis report.
The report showed that total turnover increased by $1.67 billion, from $1.70 billion recorded in the week ended October 2, 2026, reflecting higher trading activities in both the FX Spot and Derivatives markets.
FX Spot Transactions Drive Turnover Growth
FX Spot transactions accounted for the largest share of market activity, recording a turnover of $3.24 billion during the week under review.
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This represented an increase of 98.37%, or $1.61 billion, compared with the $1.63 billion recorded in the preceding week.
The daily average turnover for FX Spot transactions also rose to $647.58 million from $408.06 million in the week ended October 2, 2026.
FX Derivatives Turnover Rises by 103.85%
Turnover in the FX Derivatives market, comprising FX Forward transactions, increased by 103.85% to $131.95 million in the week ended October 9, 2026.
The figure was $67.22 million higher than the $64.73 million recorded in the previous week. Daily average turnover also increased to $26.39 million from $16.18 million.
Table 1: Weekly FX Turnover Analysis
The table below compares weekly and daily average turnover, percentage shares, and week-on-week changes for FX Spot and Derivatives transactions in the weeks ended October 2 and October 9, 2026.
| Market Segment | Oct. 9 Weekly ($ million) | Oct. 9 Daily Average ($ million) | Oct. 9 Share (%) | Oct. 2 Weekly ($ million) | Oct. 2 Daily Average ($ million) | Oct. 2 Share (%) | WoW Change (%) | WoW Change ($ million) |
|---|---|---|---|---|---|---|---|---|
| FX Spot | 3,237.90 | 647.58 | 96.08 | 1,632.24 | 408.06 | 96.19 | 98.37 | 1,605.66 |
| FX Derivatives* | 131.95 | 26.39 | 3.92 | 64.73 | 16.18 | 3.81 | 103.85 | 67.22 |
| Total | 3,369.85 | 673.97 | 100.00 | 1,696.97 | 424.24 | 100.00 | 98.58 | 1,672.88 |
Note: FX Derivatives data represents FX Forwards turnover.
Source: FMDQ Exchange, Foreign Exchange Market Analysis Report for the Week Ended October 9, 2026.
Overall, the figures show a substantial week-on-week increase in trading activity across Nigeria’s FX Spot and Derivatives markets, with FX Spot transactions accounting for the largest share of total turnover during the period under review.
