Nigeria's FX Market Surges 11% to $2.63bn in Trading

Nigeria's foreign exchange market experienced a significant rebound in trading activity for the week ending September 25, with total turnover across the FX Spot and Derivatives markets rising by 11.02% to $2.63 billion. This increase, amounting to $260.85 million from the previous week's turnover of $2.37 billion, followed a sharp decline of about 30% in the preceding week.

The FX Spot market was the primary driver of this recovery, with spot turnover increasing by 10.62% week-on-week, from $2.34 billion to $2.59 billion. This rise pushed the average daily spot turnover to $517.59 million, up from $467.90 million.

Spot transactions accounted for 98.51% of total FX market turnover, highlighting their dominance. Additionally, FX derivatives saw a notable increase, with turnover rising 46.42% to $39.21 million from $26.78 million, raising the average daily derivatives turnover to $7.84 million.

Overall, the figures indicate a renewed increase in activity in Nigeria's official FX market, primarily driven by higher spot-market transactions.