{
  "id": 12182772,
  "title": "FMDQ’s weekly FX turnover falls 35.4% to $1.7 billion as spot transactions drop $956 million",
  "url": "https://urgent.news/2026/10/05/fmdqs-weekly-fx-turnover-falls-35-4-to-1-7-billion-as-spot",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-05T15:42:48.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/05/fmdqs-weekly-fx-turnover-falls-35-4-to-1-7-billion-as-spot-transactions-drop-956-million/"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "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 .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}