FMDQ FX Market Turnover Decline

Nigeria's dollar trading in the foreign exchange market decreased by 22.23% to $2.62 billion for the week ending October 16, 2026, primarily due to a significant drop in forward transactions, which fell 81.14%.

The Nigerian foreign exchange market experienced a 22.23% decline in turnover, falling to $2.62 million for the week ending October 16, 2026. This decrease was attributed to a significant drop in both FX spot and derivatives transactions.

The FMDQ foreign exchange market turnover fell to $2,620.70m in mid-October, a 22.23% decrease from the previous week. This decline was attributed to significant drops in both FX Spot and FX Derivatives transactions amid ongoing structural reforms by the Central Bank of Nigeria.