Nigeria FX Market Hits Record $5.06 Billion Turnover

Nigeria's foreign exchange market achieved a record turnover of $5.06 billion for the week ending August 21, 2026, a 146.12% increase from the previous week's $2.05 billion, according to a report from FMDQ Exchange. The average exchange rate during this period was approximately N1,346.50/$, translating to about N6.81 trillion in transactions.

This milestone surpassed the previous high of $4.375 billion recorded on July 24, 2026. The surge in spot transactions, which accounted for over 100% of the market's net weekly growth, was attributed to significant dollar supply, likely from foreign portfolio investors.

Mr. Tajudeen Olayinka, CEO of Wyoming Capital Partners Limited, noted that the Central Bank of Nigeria may have intervened to manage excess supply. In contrast, the derivatives and forwards segments saw a nearly 50% decline compared to the previous week.

Abiodun Ogunniyi from GTI Securities Limited clarified that the $5.06 billion figure reflects gross transaction values and not the actual capital deployed by investors.