Dollar trading in Nigeria’s foreign exchange market fell by 51.29 per cent to $1.81 billion in the week ended November 6, 2026, from $3.71 billion recorded in the previous week.
The latest figures from FMDQ showed that the decline amounted to about $1.90 billion, while average daily FX turnover dropped to $361.67 million from $742.51 million.
Spot transactions accounted for most of the decline, falling by 50.91 per cent to $1.79 billion from $3.64 billion. The segment accounted for 98.77 per cent of total FX turnover during the week.
Forward transactions also declined sharply by 69.93 per cent to $22.20 million from $73.83 million, representing 1.23 per cent of total turnover.
Despite the sharp contraction in trading activity, the naira weakened marginally by about 0.1 per cent week-on-week to N1,349 per dollar, even after a $50 million intervention by the Central Bank of Nigeria.
The one-month forward rate also weakened to N1,370.19 per dollar, while the three-month, six-month and one-year forward rates stood at N1,405.78, N1,455.88 and N1,557.65, respectively.
Analysts at Cordros Securities and Cowry Asset Management expect the naira to remain relatively stable in the near term, although they warned that sustained dollar demand, seasonal payment obligations, crude oil prices and changes in domestic and global financial conditions could affect the currency.
Market attention is expected to turn to the next inflation report and the Monetary Policy Committee’s interest-rate decision later this month.
