{
  "id": 1374980,
  "title": "FX turnover declines 44.9% to $2bn",
  "url": "https://urgent.news/2026/08/16/fx-turnover-declines-44-9-to-2bn-1374980",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-16T23:48:50.000Z",
  "source": {
    "name": "Punch Nigeria",
    "slug": "punch-nigeria",
    "url": "https://punchng.com/fx-turnover-declines-44-9-to-2bn/"
  },
  "original_language": "en",
  "account": "The weekly turnover in the foreign exchange market, as reported by FMDQ Securities Exchange, declined by 44.90% to $2,054.89m during the week ending 14 August 2026. This marks a significant drop from the $3,729.44m recorded in the previous week. The decrease, representing a loss of $1,674.55m, occurred across both FX Spot and Derivatives markets. The contraction was mainly attributed to a substantial reduction in FX Spot transactions, which accounted for the primary means of immediate foreign currency settlement. Spot trading turnover fell by 46.98% from $3,704.44m to $1,964.00m, causing the daily average for Spot transactions to decrease from $740.89m to $443.22m. This reduction shifted Spot's share of total market activity from 99.33% to 95.58%. Meanwhile, the FX Derivatives market saw a surge in activity, growing by 263.56% to reach $90.89m, up from $25.00m in the preceding week. This growth was primarily driven by the FX Forwards market, which also expanded by 263.56% to $65.89m, increasing its daily average to $18.18m and market share to 4.42%. Despite the robust participation in forward contracts, the sharp drop in Spot trading proved insufficient to counterbalance the overall decline in market activity, resulting in a net reduction in financial market turnover.",
  "summary": "Nigeria’s FX turnover declined by 44.9% to $2bn last week, driven by reduced spot transactions despite a surge in FX derivatives. Understand the market shi Read More: https://punchng.com/fx-turnover-declines-44-9-to-2bn/",
  "key_points": [
    "FX turnover declines 44.9% to $2bn",
    "Spot trading down 46.98% to $1.96bn",
    "Derivatives market up 263.56% to $90.89m"
  ],
  "editors_take": "The sharp decline in FX Spot transactions shifts market dynamics, with FX Derivatives gaining ground, though not enough to offset the overall drop in foreign exchange market activity.",
  "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."
}