Nigeria's Dollar Trading Surges to $3.37 Billion in October

In the week ended October 9, 2026, the value of dollars traded in Nigeria's foreign exchange market surged to $3.37 billion, nearly doubling from $1.70 billion the previous week, according to figures from FMDQ. This increase of 98.58% represents an additional $1.67 billion in transactions, following a 35.41% decline in the week ending October 2.

The recovery was primarily driven by spot transactions, which rose from $1.63 billion to $3.24 billion, accounting for approximately 96% of the total increase. Spot transactions involve the immediate purchase and sale of foreign currencies at prevailing exchange rates.

Additionally, forward transactions, which allow businesses to lock in exchange rates for future currency purchases, increased by 103.85% to $131.95 million. Despite the rise in trading volumes, it does not imply that dollars have become easier to obtain or that the naira will strengthen.

The latest figures bring trading activity close to levels seen in September, where total trading reached $3.39 billion before declining.