June 29 (THEWILL) — Nigeria’s foreign exchange market recorded a sharp increase in trading activity in the week ended June 26, 2026, with total turnover rising 22.06 percent to $2.84 billion, driven by stronger transactions in both the spot and derivatives markets.
According to the latest Weekly FX Market Turnover Report released by FMDQ Exchange, total turnover increased by $512.37 million from $2.32 billion recorded in the previous week, reflecting improved liquidity and higher market participation.
The FX Spot market remained the dominant segment, accounting for 97.74 percent of total transactions during the review period. Spot turnover rose by 21.18 percent to $2.77 billion from $2.29 billion a week earlier, while average daily spot turnover increased to $554.28 million from $457.39 million.
The derivatives segment also recorded robust growth, with turnover jumping 77.20 percent to $64.04 million from $36.14 million in the preceding week. Although derivatives accounted for just 2.26 percent of total market turnover, the sharp increase reflected growing demand for hedging instruments.
FMDQ said the entire growth in derivatives trading came from FX Forwards, whose turnover climbed to $64.04 million. Exchange-Traded FX Futures recorded no transactions for another consecutive week.
Overall market activity improved significantly, with average daily turnover rising to $567.09 million from $464.62 million recorded in the previous week.
The latest figures suggest stronger participation by banks and their customers in the spot market, which continues to dominate Nigeria’s foreign exchange ecosystem despite rising interest in forward contracts. While increased FX Forwards trading points to growing demand for risk management amid exchange rate uncertainty, the relatively small size of the derivatives market indicates that most participants still prefer immediate access to foreign exchange rather than hedging future currency exposures.
The sustained increase in turnover also signals improving liquidity conditions 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.
