By Boluwatife Oshadiya | October 19, 2026
Key Points
- Foreign exchange spot and derivatives turnover falls 22.23% week-on-week to $2.62 billion in the week ended October 16, 2026
- Spot transactions decline 19.83% to $2.60 billion, accounting for 99.05% of total weekly turnover
- FX derivatives turnover drops 81.14% to $24.89 million from $131.95 million in the previous week
Main Story
Nigeria’s foreign exchange spot and derivatives market recorded $2.62 billion in turnover in the week ended October 16, 2026, down 22.23% from $3.37 billion in the week ended October 9, according to weekly market data supplied by FMDQ.
Total turnover declined by $749.15 million over the week, reflecting lower activity in both spot and derivatives transactions. Spot transactions fell by $642.09 million, or 19.83%, to $2.60 billion from $3.24 billion in the previous week.
Spot trades accounted for 99.05% of total turnover during the week, compared with 96.08% in the preceding week. Average daily spot turnover stood at $519.16 million, down from $647.58 million.
Activity in the derivatives market recorded a sharper decline. FX derivatives turnover, comprising FX forwards, fell by 81.14% to $24.89 million from $131.95 million a week earlier. Its share of total turnover dropped to 0.95% from 3.92%, while average daily turnover decreased to $4.98 million from $26.39 million.
Average daily turnover across the spot and derivatives markets declined to $524.14 million from $673.97 million. The weekly figures cover trades between FMDQ Dealing Member Banks, authorised dealers and their clients.
The data show a broad reduction in reported transaction activity, with the largest absolute decline coming from the spot market. However, turnover measures the value of transactions conducted; the figures alone do not establish whether the decline resulted from reduced demand for foreign currency, lower supply, changing market conditions or other factors.
What’s Being Said
The supplied FMDQ market commentary reports the turnover figures but contains no direct statement explaining the decline. No independent analyst response or official explanation was provided in the source material.
What’s Next
- Compare the next weekly FMDQ turnover release with the October 16 figures to determine whether the decline in transaction activity continues.
- Monitor spot and forward-market turnover separately to assess whether derivatives activity recovers from its sharp weekly fall.
Bottom Line
The Bottom Line: The decline in FX turnover signals lower transaction activity during the reported week, particularly in derivatives. It does not, on its own, prove that foreign-currency demand or supply has fallen; exchange-rate movements and additional market data are needed to determine what the decline means for liquidity and price formation.
