By BizWatch Nigeria Markets Desk | September 7, 2026
Key Points
- Weekly FX turnover fell 21.38% to $2.41 billion in the week ended September 4 from $3.07 billion the previous week
- FX spot transactions declined 20.55% to $2.34 billion and accounted for 97.07% of total market turnover
- FX derivatives turnover dropped 41.59% to $70.65 million as average daily market activity fell to $482.97 million
Main Story
Foreign exchange market activity weakened in the week ended September 4, 2026, as total turnover across Nigeria’s FX spot and derivatives markets fell 21.38% to $2.41 billion, according to data from FMDQ Securities Exchange.
Total turnover declined by $656.67 million from the $3.07 billion recorded in the week ended August 28, with lower activity across both spot and derivatives transactions.
FX spot transactions, which accounted for 97.07% of total market activity, fell 20.55% to $2.34 billion from $2.95 billion in the previous week. Average daily spot turnover also declined to $468.84 million from $737.64 million.
The derivatives market recorded a sharper contraction during the week. Turnover in FX derivatives, comprising FX forwards, fell 41.59% to $70.65 million from $120.96 million in the preceding week.
The derivatives segment represented 2.93% of total weekly FX turnover, while its average daily turnover dropped to $14.13 million from $30.24 million.
Overall, average daily turnover across the FX spot and derivatives markets declined to $482.97 million from $767.88 million a week earlier.
The figures indicate that the reduction in weekly activity was broad-based, with both immediate spot transactions and forward-market activity recording significant declines. However, the weekly turnover data alone do not establish whether the decline was driven by weaker FX demand, lower supply, transaction timing or a combination of factors.
What’s Being Said
FMDQ Securities Exchange’s weekly market data show that the decline in turnover was driven primarily by weaker spot-market activity, which accounts for the overwhelming share of transactions in the market.
Market reporting on the data also points to a broad slowdown in FX trading activity, although the available weekly figures do not by themselves establish a sustained deterioration in Nigeria’s foreign exchange market.
What’s Next
Market participants will be watching subsequent weekly turnover figures to determine whether the sharp decline in activity is temporary or develops into a sustained trend.
The next weekly FX turnover report will also provide a clearer indication of whether spot and derivatives activity recover from the lower levels recorded in the week ended September 4.
Bottom Line
The Bottom Line: The 21.38% weekly decline shows a significant slowdown in Nigeria’s FX market activity, with spot transactions accounting for most of the contraction. The key market signal now is whether turnover rebounds in the coming weeks or settles at a structurally lower level.
