FMDQ market turnover declines in mid-October
Total turnover in the FMDQ foreign exchange spot and derivatives markets fell by 22.23% to $2,620.70m for the week ended October 16, 2026. Read More: https://punchng.com/fmdq-market-turnover-declines-in-mid-october/
The foreign exchange market saw a decline in trading activity during the week of 16 October 2026, with turnover falling to $2,620.70m. This decrease marks a 22.23% reduction from the previous week's $3,369.85m turnover.
The drop in activity was driven by a 19.83% decrease in FX Spot transactions, down to $2,595.81m from $3,237.90m, and an even more severe 81.14% drop in FX Derivatives transactions, which fell to $107.06m from $769.91m. FX Spot now accounts for 99.05% of total market activity, while FX Derivatives make up just 0.95%.
The broader contraction led to a daily average turnover of $524.14m for the week, down from $673.97m the prior week. This fluctuating liquidity is attributed to adjustments in the Nigerian financial markets, as institutions navigate new monetary policies, shifting capital flows, and macroeconomic pressures affecting foreign exchange availability and investment dynamics.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- FMDQ market turnover declines in mid-October punchng.com
