Nigeria's FX Market Turnover Jumps 40.45% to $3.39 Billion

For the week ending September 11, 2026, Nigeria's foreign exchange market turnover reached $3.39 billion, reflecting a 40.45% increase from $2.41 billion the previous week. This growth was fueled by both spot transactions and a remarkable surge in FX derivatives trading, which saw average daily turnover rise to $85.60 million from $14.13 million.

The contribution of FX derivatives to total market turnover increased to 12.62%, up from 2.93%. The FX Spot market maintained its dominant position, although its share of total turnover decreased to 87.38% from 97.07%.

The increase in derivatives trading indicates a shift in market participants' expectations, particularly as rising global oil prices threaten inflation targets for businesses. This trend marks a departure from previous weeks, where spot transactions predominantly drove turnover.

The report highlights a renewed interest in forward and derivative instruments as businesses seek to mitigate forex volatility risks.