BREAKING: Nigeria’s dollar trading plunges to $1.81 billion as turnover declines 51%

Nigeria's dollar trading activity has plummeted by 51% to $1.81 billion in the week ending November 6, 2026, down from $3.71 billion in the previous week, according to the Financial Market Dealers' Quotation (FMDQ) report. The decline was even more severe than the 46.57% drop recorded in July, which was previously the sharpest weekly fall of the year.

Average daily foreign exchange turnover also decreased to $361.67 million from $742.51 million, signaling a significant slowdown in trading activity. Spot foreign exchange transactions, which involve near-immediate delivery of foreign currency, saw a loss of $1.85 billion, or 50.91%, falling to $1.79 billion. Derivatives trading also declined sharply, with forward transactions dropping by 69.93% to $22.20 million from $73.83 million.

These figures indicate that the contraction affected both immediate and forward-market activity, despite a $50 million intervention by the Central Bank of Nigeria aimed at stabilizing the naira, which depreciated by approximately 0.1% week-on-week to N1,349.00 per dollar. Analysts expect the naira to remain relatively stable in the near term, but they cautioned that changes in domestic yields and global financial conditions could impact portfolio investment flows.

Market focus is now shifting towards the upcoming inflation report and the Monetary Policy Committee's interest-rate decision in November, with Treasury Bills and Open Market Operations maturities expected to total approximately N923.10 billion.