FX Spot, Derivatives Markets Turnover Rises 7.7% to $2.32bn
The FMDQ market showed strong performance for the week ending June 19, 2026, with total turnover in the FX spot and derivatives markets increasing by 7.70% week-on-week, reaching $2,323.07 million.
In its weekly market update, FMDQ hinted that the spot and derivatives markets turnover increased from $2,157.02 million reported for the week ending June 11, 2026.
Based on the data provided, a $166.05 million increase in total FX market turnover was driven by growth in both the Spot and Derivatives segments.
FX spot transactions rose by 6.80% week-on-week, adding $145.64 million to reach a total of $2,286.93 million, compared to $2,141.29 million in the previous week.
The spot market remained the dominant segment of Nigeria’s interbank FX market, accounting for the majority of total weekly turnover, as market participants continued to demand foreign currency across trade, corporate, and retail channels.
FX derivatives transactions saw a significant week-on-week increase of 129.75%, rising by $20.41 million and contributing to overall market growth.
This surge in derivatives turnover was entirely driven by FX forwards activity, which experienced a remarkable 129.75% week-on-week increase.
This indicates a growing appetite among market participants for forward cover and hedging instruments, as businesses seek to manage exchange rate risk amid changing monetary policy conditions.
The sustained increase in FX market turnover reflects improved liquidity conditions in Nigeria’s interbank foreign exchange market, following the Central Bank of Nigeria’s ongoing market liberalisation reforms.
The combined growth in both spot and derivatives activity suggests strengthening market depth and broader participation across segments. #FX Spot, Derivatives Markets Turnover Rises 7.7% to $2.32bn
