Nigerian FX Market Turnover Drops 22.23% to $2.62M

The Nigerian foreign exchange (FX) spot and derivatives markets saw a notable decline in turnover for the week ending October 16, 2026, with total turnover decreasing to $2,620.70 million. This represents a 22.23% drop, equivalent to $749.15 million, from the previous week's turnover of $3,369.85 million, which ended on October 9, 2026.

The decline followed a week of increased market activity due to ongoing structural reforms by the Central Bank of Nigeria (CBN) aimed at establishing a transparent, market-driven willing-buyer, willing-seller system. Analysts indicated that the week-on-week decline was primarily driven by a 19.83% decrease in FX spot transactions, which fell to $2,595.81 million from $3,237.90 million.

Additionally, FX derivatives transactions experienced an 81.14% drop, totaling $107.06 million. Spot transactions accounted for 99.05% of the total market turnover, with a daily average of $519.16 million.