Nigeria FX turnover surges 22% to $2.84bn week ended June 26 2026

The Foreign Exchange market turnover rose to $2.84 billion in the week ended June 26 2026, up $512.37 million (+22.06%) from the $2.32 billion recorded the previous week, according to the FMDQ Exchange report obtained by Nairametrics. Average daily turnover climbed to $567.09 million from $464.62 million. Spot transactions dominated, reaching $2.77 billion (97.74% of total) – a $484.47 million (+21.18%) increase to an average daily $554.28 million. The derivatives segment grew sharply to $64.04 million (2.26% of turnover), up $27.90 million (+77.20%), driven solely by FX Forwards, which rose to $64.04 million from $36.14 million (+77.20%) and averaged $12.81 million daily; Exchange‑Traded FX Futures recorded no activity for the second straight week.

The surge reflects stronger participation by banks and clients and growing demand for hedging amid exchange‑rate uncertainty, while the spot market’s near‑98 % share shows most users still prefer immediate FX access over longer‑dated contracts. Improved turnover signals better liquidity in the interbank market, which can affect the cost and availability of foreign exchange for importers, exporters and investors.

What should you know? Spot turnover remains the key indicator of market health; the rise in forwards suggests more participants are seeking hedging tools. If you deal with foreign exchange, consider whether current forward rates meet your hedging needs and monitor how deepening spot liquidity may influence spot rates going forward.

SOURCE: https://nairametrics.com/2026/06/29/fmdq-fx-market-turnover-hits-2-84-billion-as-trading-surges-22/