Nigeria’s foreign exchange (FX) market recorded a total turnover of $3.71 billion in the week ended October 30, 2026, representing a 43.02 per cent increase compared with the $2.60 billion recorded in the previous week.
According to the weekly FX market data, total turnover increased by $1.12 billion from the $2.60 billion reported for the week ended October 23, 2026.
The increase was largely driven by higher activity in the FX spot market, which accounted for the bulk of transactions during the period. The derivatives segment, comprising FX forwards, also recorded significant growth.
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FX Spot Transactions Drive Market Growth
FX spot transactions recorded a total turnover of $3.64 billion in the week ended October 30, 2026, compared with $2.57 billion in the preceding week.
This represents an increase of 41.33 per cent, equivalent to $1.06 billion.
Spot transactions accounted for 98.01 per cent of total FX market turnover during the week, compared with 99.19 per cent recorded in the previous week.
The figures indicate that spot transactions remained the dominant component of activity in Nigeria’s foreign exchange market.
FX Derivatives Turnover Records Significant Increase
FX derivatives transactions, comprising FX forwards, also recorded a notable increase during the review period.
Turnover in the derivatives segment rose to $73.83 million in the week ended October 30, 2026, from $21.14 million recorded in the week ended October 23, 2026.
This represents a week-on-week increase of 249.24 per cent, equivalent to $52.69 million.
Despite the significant growth, derivatives transactions accounted for 1.99 per cent of total FX market turnover during the week, compared with 0.81 per cent in the previous week.
Weekly FX Market Turnover Analysis
The table below compares turnover in Nigeria’s FX spot and derivatives markets for the weeks ended October 23 and October 30, 2026.
| Market Segment | Oct. 30, 2026 Weekly Turnover ($m) | Daily Average ($m) | Share (%) | Oct. 23, 2026 Weekly Turnover ($m) | Daily Average ($m) | Share (%) | WoW Change (%) | Change ($m) |
|---|---|---|---|---|---|---|---|---|
| FX Spot | 3,638.70 | 727.74 | 98.01 | 2,574.59 | 514.92 | 99.19 | 41.33 | 1,064.11 |
| FX Derivatives* | 73.83 | 14.77 | 1.99 | 21.14 | 4.23 | 0.81 | 249.24 | 52.69 |
| Total | 3,712.53 | 742.51 | 100.00 | 2,595.73 | 519.15 | 100.00 | 43.02 | 1,116.80 |
*Source: Weekly FX market data.
Note: Derivatives data represent FX forwards turnover. Amounts are in US dollars, with turnover and daily averages expressed in millions.
Overall Market Activity Increases
The weekly figures show that total FX market turnover increased from $2.60 billion to $3.71 billion between October 23 and October 30, 2026.
FX spot transactions contributed the largest share of the increase, while derivatives transactions recorded a faster percentage growth from a much smaller base.
Overall, the data indicate increased trading activity in Nigeria’s foreign exchange market during the week under review.
