Turnover in Nigeria’s foreign exchange (FX) spot and derivatives markets declined by 22.23 per cent week-on-week to $2.62 billion in the week ended October 16, 2026, compared with $3.37 billion recorded in the previous week.
According to the weekly FX market report, total turnover fell by $749.15 million from the $3.37 billion recorded in the week ended October 9, 2026.
The decline was driven by reduced activity in both the FX spot and derivatives markets, with spot transactions accounting for the bulk of the decrease.
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FX spot transactions recorded a turnover of $2.60 billion during the review week, down 19.83 per cent from $3.24 billion in the previous week. The decline represented a reduction of $642.09 million.
Spot transactions accounted for 99.05 per cent of total FX market turnover during the week, compared with 96.08 per cent in the preceding week.
Meanwhile, turnover in FX derivatives, comprising forward transactions, dropped sharply by 81.14 per cent to $24.89 million from $131.95 million recorded in the week ended October 9, 2026.
The derivatives segment recorded a week-on-week decline of $107.06 million, with its share of total market turnover falling to 0.95 per cent from 3.92 per cent.
Table 1: Weekly FX Turnover Analysis
| Market Segment | Oct. 16 Weekly Turnover ($m) | Daily Average ($m) | Share (%) | Oct. 9 Weekly Turnover ($m) | Daily Average ($m) | Share (%) | WoW Change (%) | WoW Change ($m) |
|---|---|---|---|---|---|---|---|---|
| FX Spot | 2,595.81 | 519.16 | 99.05 | 3,237.90 | 647.58 | 96.08 | -19.83 | -642.09 |
| FX Derivatives* | 24.89 | 4.98 | 0.95 | 131.95 | 26.39 | 3.92 | -81.14 | -107.06 |
| Total | 2,620.70 | 524.14 | 100.00 | 3,369.85 | 673.97 | 100.00 | -22.23 | -749.15 |
*FX derivatives data represents FX forwards turnover. Source: Weekly FX market turnover report for the week ended October 16, 2026.
On a daily average basis, total FX market turnover stood at $524.14 million during the week ended October 16, compared with $673.97 million in the previous week.
The figures highlight a broad-based slowdown in trading activity across Nigeria’s FX spot and forward markets during the review period, with the spot market continuing to dominate overall turnover.
