Nigeria’s foreign exchange (FX) market recorded a 0.95 per cent decline in total turnover in the week ended October 23, 2026, as transactions in both the spot and derivatives segments fell compared with the previous week.
Data from the weekly FX turnover report showed that total transactions dropped to $2.59573 billion from $2.62070 billion recorded in the week ended October 16, 2026. This represents a decrease of $24.97 million within the period.
The decline was driven by lower activity in the FX spot and derivatives markets, according to the report.
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Weekly FX Turnover Analysis
The table below compares turnover across the foreign exchange spot and derivatives markets for the weeks ended October 16 and October 23, 2026.
| Market Segment | Week Ended Oct. 23, 2026 ($m) | Week Ended Oct. 16, 2026 ($m) | WoW Change (%) | Change ($m) |
|---|---|---|---|---|
| FX Spot | 2,574.59 | 2,595.81 | -0.82% | -21.22 |
| FX Derivatives | 21.14 | 24.89 | -15.07% | -3.75 |
| Total | 2,595.73 | 2,620.70 | -0.95% | -24.97 |
Source: Weekly FX Turnover Analysis. FX derivatives data represent FX forwards turnover.
FX Spot Transactions Decline
FX spot transactions accounted for the largest share of activity during the review period, although turnover in the segment declined by 0.82 per cent week-on-week.
The spot market recorded a total turnover of $2.57459 billion in the week ended October 23, compared with $2.59581 billion in the previous week. This represents a reduction of $21.22 million.
Despite the decline, FX spot transactions contributed approximately 99.19 per cent of total market turnover during the week, highlighting their dominant position in Nigeria’s foreign exchange market.
FX Derivatives Turnover Drops
Transactions in the FX derivatives market also declined during the period under review.
The segment, which comprises FX forwards, recorded a turnover of $21.14 million in the week ended October 23, down from $24.89 million in the preceding week.
This represents a week-on-week decrease of $3.75 million, or 15.07 per cent.
The derivatives market accounted for approximately 0.81 per cent of total FX turnover during the latest reporting week.
Overall Market Activity
The latest figures indicate that reduced transactions in both segments contributed to the overall decline in foreign exchange market turnover.
Although the spot market remained the dominant source of trading activity, the derivatives segment recorded a sharper percentage decline during the review period.
The report covers transactions between banks, authorised dealers and their clients for the weeks ended October 16 and October 23, 2026.
The figures provide a weekly overview of trading activity in Nigeria’s FX spot and derivatives markets, reflecting changes in transaction volumes during the period.
