Nigeria’s FX market turnover surges 117% to $3.73 billion
Nigeria's foreign exchange market sustained robust activity levels in the week ended August 7, 2026, posting total turnover of $3.73 billion—a 117% surge from the prior week—signaling continued investor appetite for dollar positioning. The post Nigeria’s FX market turnover surges 117% to $3.73 billion appeared first on Nairametrics .
Nigeria's foreign exchange market witnessed a remarkable 117% surge in turnover, reaching $3.73 billion in the week ending August 7, 2026. This significant increase follows the market's first-ever crossing of the $4 billion mark in the week ending July 24, 2026, with combined transactions reaching $4.375 billion. The spot market continues to dominate activity, accounting for nearly all trading flow, while forward contracts and derivatives remain minimal at just 1.34% of total turnover.
Despite the robust activity, volumes slightly decreased from the record-breaking peak of $4.4 billion in late July. The Nigerian Foreign Exchange Market (NFEM) has seen a notable uptrend in market depth, with more than $46 billion in cumulative turnover recorded between March and June 2026. Market participants will be closely watching the elevated FX turnover levels and their potential impact on exchange rate stability as the Central Bank of Nigeria manages the forex landscape heading into Q3.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
