Nigeria FX market turnover plunges 46.6% to $1.63bn week ended July 10
Nigeria’s foreign exchange market turnover plunged 46.57% to $1.631 billion in the week ended July 10 2026, down from $3.053 billion the prior week, according to FMDQ weekly FX data obtained by Nairametrics. Spot transactions fell 46.62% to $1.580 billion, while forwards dropped 45.19% to $51.22 million. The daily average turnover slid to $326.22 million from $610.60 million, a drop of $284.38 million per trading day. Despite the sharp contraction, spot retained 96.86% of total market activity, and forwards’ share of derivatives remained steady at 3.14%, indicating the relative structure of the market held even as absolute volumes retreated.
The drop reflects a normalisation after an unusually strong week ended July 3, when turnover peaked above $3 billion amid heightened import financing and interbank activity. Analysts note the current levels are still within the June range, suggesting demand was not structurally weakened but merely pulled back from a short‑term spike. For businesses and importers, the pullback may ease short‑term pressure on naira demand, though sustained low turnover could signal softer foreign‑exchange needs ahead.
Will this lull persist, or will activity rebound as quarter‑end import cycles resume? Market participants should watch for upcoming CBN signals and corporate FX demand patterns to gauge whether the market is merely pausing or heading into a longer‑term slowdown.