By Boluwatife Oshadiya | November 2, 2026
Key Points
- FMDQ reports total FX spot and derivatives turnover of $3.71 billion for the week ended October 30, up 43.02% from the previous week
- FX spot transactions increase 41.33% to $3.64 billion, accounting for 98.01% of total market turnover
- FX derivatives turnover rises 249.24% to $73.83 million, although it represents just 1.99% of the weekly total
Main Story
Nigeria’s foreign exchange market recorded a 43.02% increase in combined spot and derivatives turnover to $3.71 billion in the week ended October 30, 2026, according to the latest FMDQ market analysis.
The figure represents an increase of $1.12 billion from the $2.60 billion recorded in the week ended October 23. Average daily turnover also rose to $742.51 million from $519.15 million, reflecting higher transaction activity during the reporting week.
FX spot transactions accounted for the largest share of activity, with turnover increasing by 41.33% to $3.64 billion from $2.57 billion in the preceding week. Spot transactions represented 98.01% of total turnover, compared with 99.19% in the previous reporting period.
The derivatives segment recorded a sharper percentage increase, with turnover rising by 249.24% to $73.83 million from $21.14 million. The increase amounted to $52.69 million, lifting derivatives’ share of total market activity to 1.99% from 0.81%.
FMDQ’s figures show that the overall increase in turnover was driven by growth in both segments, although the spot market contributed the larger absolute increase. Spot transactions added $1.06 billion to weekly turnover, while derivatives contributed an additional $52.69 million.
The report covers transactions between banks, FMDQ Dealing Member Banks and their clients in the FX spot and derivatives markets. The derivatives figures represent FX forwards turnover.
What’s Being Said
FMDQ’s weekly analysis attributes the increase in total turnover to the combined expansion in spot and derivatives transactions.
However, the supplied report contains no direct statement from the Central Bank of Nigeria, market participants or independent analysts explaining the factors behind the increase. The higher turnover therefore establishes an increase in reported transaction activity but does not, on its own, identify its underlying causes.
What’s Next
- The next FMDQ weekly FX market analysis will provide the subsequent reporting period’s turnover figures and show whether the increase is sustained.
- Market participants will monitor the relative contributions of spot and forward transactions to determine whether derivatives activity continues to gain a larger share of total turnover.
The Bottom Line:
The Bottom Line: Nigeria’s FX market recorded a substantial weekly increase in transaction turnover, with activity rising across both spot and derivatives segments. However, the dominance of spot transactions — which accounted for 98.01% of total turnover — shows that the market’s activity remains overwhelmingly concentrated in immediate FX transactions rather than derivatives.
