Nigeria's FX Market Turnover Drops 35.4% to $1.7 Billion
In the week ending October 2, 2026, Nigeria's foreign exchange market experienced a significant decline in trading activity, with total turnover across the FX Spot and Derivatives markets falling 35.41% to $1,696.97 million from $2.63 billion the previous week. This sharp decline was driven by a $930.18 million drop in spot transactions.
The average daily FX turnover decreased to $424.24 million from $525.43 million, marking a 19.3% decline. Despite a $100 million intervention by the Central Bank of Nigeria (CBN), renewed FX demand at the official market outpaced its effects.
FX Spot transactions accounted for the entirety of the decline, while FX Derivatives saw a rise in turnover to $16.18 million from $7.84 million, increasing its market share to 3.81%. The CBN's interventions were noted to constitute only about 1.2% to 1.3% of total FX turnover.
The decline followed a recent cut in the monetary policy rate by the CBN's Monetary Policy Committee.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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