Nigeria’s foreign exchange market recorded its strongest weekly performance of 2026 as turnover in the spot and derivatives segments reached the $4.4bn mark for the first time.
Transactions climbed 83.4 per cent to $4.375bn in the week ended 24 July, from $2.386bn recorded a week earlier.
Data obtained from the FMDQ Exchange showed the latest performance eclipsed the previous peak of $3.053bn recorded in the week ended 3 July, underscoring a sharp increase in trading activity across the official market.
The FMDQ report showed broad‑based growth across the market. Spot transactions rose 81.9 per cent to $4.312bn from $2.371bn, while turnover in FX forwards increased 333.6 per cent to $62.87m, compared with $14.50m in the previous week. Average daily turnover increased to $875m, up from $477.2m.
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Despite the surge in forward contracts, the spot market remained dominant, accounting for 98.6 per cent of total turnover, while
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