FX turnover drops 30.23% as spot, derivatives decline
Nigeria’s foreign exchange market turnover dropped by 30.23% to $2.37bn for the week ended September 18, 2026, driven by a decline in spot and derivatives. Read More: https://punchng.com/fx-turnover-drops-30-23-as-spot-derivatives-decline/
The foreign exchange market experienced a significant downturn in activity during the week ending 18 September, 2026, with total trading turnover falling by an alarming 30.23% to $2,366.30 million, according to data released by FMDQ Group Plc. The total value of trades executed between authorized bank dealers and their clients declined by $1,025.34 million compared to the previous week, from $3,391.64 million to $2,366.30 million.
Group Chief Operating Officer of FMDQ Group PLC, Ms Tumi Sekoni, attributed the performance to a sharp drop in both spot transactions and derivatives trades. Spot transactions, which dominated market operations at 98.87% of total turnover, fell by 21.06%, while derivatives transactions plummeted by an astonishing 93.74%, plummeting from $427.99 million to $26.78 million.
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