Nigeria's Forex Trading Surges to $3.37 Billion in October

Nigeria's foreign exchange market experienced a substantial rebound in trading activity, with dollar transactions nearly doubling to $3.37 billion in the week ended October 9, 2026, up from $1.70 billion the previous week. Data from FMDQ indicated a 98.58 percent increase in total foreign exchange turnover, adding $1.67 billion in transactions and reversing a prior decline of 35.41 percent.

Spot transactions surged by 98.37 percent to $3.24 billion, making up approximately 96 percent of total turnover. Forward transactions also grew significantly, increasing by 103.85 percent to $131.95 million.

Despite this increase, the overall trading volume does not guarantee improved dollar availability or naira exchange rate stability. Cordros Securities noted that the outlook for forex inflows relies on domestic and foreign currency inflows, while GTI Securities Limited's Head of Research, Abiodun Ogunniyi, suggested that the turnover rebound may reflect renewed activity from various market participants.