June 29 (THEWILL) — Trading activity in Nigeria’s foreign exchange market recorded a strong rebound in the final week of June, with total turnover rising by more than 22 percent, driven by increased activity in both the spot and derivatives segments.
According to the Weekly FX Turnover Analysis Report released by FMDQ Securities Exchange Limited for the week ended June 26, 2026, total turnover across the FX Spot and Derivatives markets climbed to $2.84bn from $2.32bn recorded in the preceding week ended June 19. This represents an increase of $512.37m, reflecting renewed market activity and improved liquidity.
The report attributed the week-on-week growth to a sharp rise in spot market transactions alongside a significant increase in derivatives trading. FX Spot turnover grew by 21.18 percent, or $484.47m, to $2.77bn from $2.29bn recorded a week earlier.
“The week-on-week increase in total turnover was jointly driven by the 21.18 percent increase in FX Spot transactions and the 77.20 percent increase in FX Derivatives transactions”, FMDQ stated in the report.
Although the spot market accounted for the bulk of trading activity, the derivatives segment recorded the strongest percentage growth. FX Derivatives turnover surged by 77.20 percent to $64.04m from $36.14m in the previous week.
According to FMDQ, the increase in derivatives turnover was entirely driven by higher volumes in FX Forwards, while trading in Exchange-Traded FX Futures remained flat during the review period.
“The week-on-week increase in FX Derivatives turnover was driven by the 77.20 percent increase in FX Forwards turnover”, the report noted.
The surge in trading activity also lifted the market’s average daily turnover to $567.09m, underscoring sustained momentum in the Nigerian Autonomous Foreign Exchange Market amid ongoing efforts by financial authorities to deepen market liquidity, improve price discovery and strengthen confidence in the country’s foreign exchange market.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
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