Nigeria’s foreign exchange (FX) market recorded its strongest weekly trading activity in more than three months, with total turnover rising 7.67 per cent to $3.05 billion in the week ended July 3, 2026.
The increase, equivalent to $217.57 million from the previous week’s $2.84 billion, was driven by stronger activity in both the spot and derivatives segments of the market, according to the latest weekly review released by FMDQ.
The report showed that average daily turnover climbed to approximately $610.6 million, marking the second consecutive week of simultaneous growth in both market segments.
Spot transactions continued to account for the bulk of trading, increasing by 6.79 per cent week-on-week to $2.96 billion from $2.77 billion. The segment represented about 96.9 per cent of total market turnover, with average daily spot transactions rising to roughly $591.9 million.
The derivatives market also posted a notable improvement, with turnover expanding by 45.92 per cent to $93.45 million, compared with $64.04 million recorded in the preceding week.
The surge in derivatives trading was attributed entirely to increased demand for FX Forward contracts, which added $29.41 million during the review period. Average daily turnover in the forwards segment rose to $18.69 million from $12.81 million a week earlier.
However, there was no activity in the Exchange-Traded FX Futures segment during the week under review, similar to the previous reporting period.
The latest figures suggest sustained improvement in liquidity and market participation, reflecting growing confidence in Nigeria’s foreign exchange market following ongoing reforms aimed at improving transparency, liquidity and price discovery.
