FMDQ's Zeal Akaraiwe Advocates for FX Hedging Growth
Zeal Akaraiwe, the Managing Director and Chief Executive Officer of FMDQ Group, called for the development of deeper hedging markets in Nigeria while foreign exchange conditions remain stable. Speaking at an investor meeting in Singapore, Akaraiwe compared market preparation to buying an umbrella before it rains, emphasizing the importance of proactive measures.
He praised the Central Bank of Nigeria (CBN) for its efforts in improving market credibility and predictability but stressed the necessity for innovation in products that help manage currency risks. Akaraiwe, who assumed office in June 2026, succeeding Bola Onadele Koko, highlighted the need for technology-driven monitoring and stronger professional competency in the market.
He pointed out that for the week ending October 2, 2026, spot transactions made up 96.19% of total FX turnover, with derivatives only at 3.81%, indicating a need for greater market depth and product adoption.
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