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Activity in Nigeria’s foreign exchange market slowed significantly in the week ended July 10, 2026, as total turnover across the Spot and Derivatives markets dropped by 46.57 per cent to $1.63 billion, according to the latest data from FMDQ Exchange.
FMDQ‘s weekly market report showed that total turnover fell to $1.631 billion, representing a decline of $1.422 billion from the $3.053 billion recorded in the preceding week ended July 3, 2026.
The exchange attributed the sharp contraction to reduced activity in both the FX Spot and FX Derivatives markets.
“The week-on-week decrease in total turnover was jointly driven by the 46.62 per cent ($1.38 billion) decrease in FX Spot transactions and the 45.19 per cent ($42.23 million) decrease in FX Derivatives transactions for the week ended July 10, 2026,” FMDQ stated.
Within the derivatives segment, the decline was entirely driven by weaker demand for FX Forward contracts, while Exchange-Traded FX Futures recorded no transactions during the period.
“The week-on-week decrease in FX Derivatives turnover was driven by the 45.19 per cent ($42.23 million) decrease in FX Forwards turnover,” the report noted, adding that Exchange-Traded FX Futures remained unchanged at $0.00 million for both weeks.
The slowdown also affected overall market liquidity, with average daily turnover dropping from $610.60 million in the previous week to $326.22 million during the review period.
Despite the sharp decline in trading volumes, the Spot market remained the dominant segment, accounting for 96.86 per cent of total turnover, while FX Forward transactions contributed the remaining 3.14 per cent.
