Nigeria's FX Market Turnover Drops 21% to $2.41 Billion

During the week ending September 4, 2026, the Nigerian foreign exchange market experienced a significant slowdown, with total turnover dropping to $2,414.85 million, a decrease of 21.38% or $656.67 million from the $3,071.52 million recorded the previous week. This decline is attributed to broader market volatility and ongoing policy interventions by monetary authorities aimed at stabilizing the naira and addressing FX supply backlogs.

The FX spot market, which accounted for 97.07% of total turnover, saw transactions fall by 20.55% to $2,344.20 million from $2,950.56 million the prior week. Average daily turnover in the spot market decreased to $468.84 million from $737.64 million.

The FX derivatives segment, which includes FX forwards, experienced a steeper decline of 41.59%, dropping to $70.65 million from $120.96 million. Overall, average daily turnover across all market segments fell to $482.97 million, down from $767.88 million in the preceding week.