Dollar trading in Nigeria nearly doubles to $3.37 billion in one week
The value of dollars traded in Nigeria’s foreign exchange market nearly doubled to $3.37 billion in the week ended October 9, 2026, from $1.70 billion the previous week, marking a sharp recovery in trading activity. The post Dollar trading in Nigeria nearly doubles to $3.37 billion in one week appeared first on Nairametrics .
Foreign exchange trading in Nigeria nearly doubled to $3.37 billion in one week, according to data from FMDQ. This marked a significant recovery in trading activity, with total trading increasing by 98.58% from the previous week's $1.70 billion. Spot transactions, which involve buying or selling foreign currencies for near-immediate delivery, accounted for most of the recovery, rising from $1.63 billion to $3.24 billion, or approximately 96% of the increase.
Forward transactions also saw a strong increase of 103.85% to $131.95 million, although they remained a relatively small share of overall trading. The rebound in foreign exchange trading brought volumes close to levels seen in September, following a period of sharp fluctuations. While higher trading volumes do not guarantee improved dollar availability or exchange rate stability, the increase in activity could create opportunities for businesses and investors to complete transactions.
The sources of foreign exchange inflows into Nigeria's money market are primarily domestic and foreign inflows, with domestic sources including the Central Bank of Nigeria (CBN), individuals, non-bank corporations, and exporters/importers. Analysts are unsure whether the recovery in trading activity will continue and translate into better foreign exchange conditions.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- World Bank targets $5.79 billion for Nigeria, bets on 850,000 jobs nairametrics.com
