FMDQ’s weekly FX turnover falls 35.4% to $1.7 billion as spot transactions drop $956 million
Nigeria's foreign exchange market recorded a sharp pullback in trading activity in the week ended October 2, 2026, with total turnover across the FX Spot and Derivatives markets falling 35.41% to $1,696.97 million from $2.63 billion the previous week. The post FMDQ’s weekly FX turnover falls 35.4% to $1.7 billion as spot transactions drop $956 million appeared first on Nairametrics .
Nigeria's foreign exchange market experienced a significant decline in trading activity during the week ending October 2nd, 2026, with total turnover falling 35.41% to $1,696.97 million from $2.63 billion the previous week, according to Nairametrics' analysis of the FMDQ FX Market Report. The primary driver of this downturn was a $930.18 million decrease in spot transactions, which accounted for the entirety of the weekly decline.
Average daily FX turnover dropped to $424.24 million from $525.43 million, marking a 19.3% decrease. Despite a $100 million Central Bank of Nigeria (CBN) intervention, the naira faced renewed demand, which weighed on the market. FX derivatives, though growing from a small base, remained a minor portion of overall activity, contributing only $3.81 million to the total turnover.
The CBN's Monetary Policy Committee had reduced the monetary policy rate by 350 basis points to 23% earlier in the month, tightening monetary conditions. Market observers will be watching to determine if this decline signifies a temporary pause or the beginning of a sustained shift in demand as the lower-rate environment affects investor positioning.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
