FMDQ Market Turnover Drops to $2.62 Billion in October

The FMDQ foreign exchange market reported a total turnover of $2,620.70m for the week ending 16 October 2026, marking a 22.23% decrease, or $749.15m, from the $3,369.85m recorded for the previous week ending 9 October 2026. This downturn followed a week of heightened market activity driven by ongoing structural reforms by the Central Bank of Nigeria, which aims to establish a transparent, market-driven willing-buyer and willing-seller system.

Analysts indicated that the decline was influenced by a 19.83% ($642.09m) drop in FX Spot transactions, which totaled $2,595.81m compared to $3,237.90m the prior week, capturing 99.05% of the market share with a daily average of $519.16m. Additionally, FX Derivatives transactions, including FX Forward, saw a significant decrease of 81.14% (107.06m) during the same period.