Nigeria's FX Market Turnover Reaches $2.63 Billion in 2026

For the week ending September 25, 2026, Nigeria's foreign exchange market experienced a rebound in trading activity, with total turnover rising 11.02% to $2.627 billion, according to Nairametrics' review of the latest FMDQ FX Market Report. This marked an increase of $260.85 million from the previous week's turnover of $2.366 billion.

The average daily turnover also rose to $525.43 million from $473.26 million, reflecting an increase of $52.17 million, or about 11.0%. The FX Spot market remained the dominant segment, accounting for most of the increase, while FX Derivatives saw a 46.42% rise from a smaller base, contributing only about 4.8% of the overall increase.

Despite the recovery in forward transactions, which remained small in absolute terms, spot transactions continued to dominate, making up nearly 99% of total FX turnover. The naira stabilized around N1,330/$, supported by improved FX liquidity and external reserves exceeding $55 billion, the highest level in over 18 years.