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 drop in trading activity during the week ending 18 September 2026, with total turnover decreasing by 30.23% to $2,366.30 million, according to official data released by FMDQ Group Plc. This drop was largely attributed to a sharp decline in both spot and derivatives transactions.
The Group Chief Operating Officer of FMDQ Group PLC, Ms Tumi Sekoni, attributed the decrease to a 21.06% reduction in FX Spot transactions and a staggering 93.74% drop in FX Derivatives transactions. The derivatives segment suffered the most severe contraction, with turnover plummeting from $427.99 million the previous week to just $26.78 million.
The spot market also faced a decline, falling by 21.06% to $2,339.52 million. Despite the overall downturn, spot transactions continued to dominate, making up 98.87% of the total turnover for the week, while derivatives accounted for the remaining 1.13%. Market activity was further dampened by a decline in daily turnover, which averaged $473.26 million, down from the $678.33 million average in the previous week.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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