Nigeria’s FX Turnover Rebounds 40% to $3.39bn as Derivatives Trading Surges

Nigeria’s foreign exchange market recorded a strong rebound in trading activity in the week ended September 11, 2026, as total turnover across the spot and derivatives markets rose to $3.39 billion.

The latest FMDQ weekly FX market turnover data showed that transactions between banks and their clients increased by $976.79 million, or 40.45%, from $2.41 billion recorded in the preceding week ended September 4, 2026.

The rebound was driven by a recovery in spot transactions as well as a sharp increase in derivatives trading, marking a broader improvement in activity across the foreign exchange market.

Derivatives emerge as major driver

Unlike the previous rebound recorded in mid-July, when the increase in FX turnover was driven entirely by spot transactions, the latest recovery was supported by both segments of the market.

Derivatives trading emerged as an unusually large contributor to the weekly increase, signalling stronger activity beyond the conventional spot market.

The development points to a broader recovery in market participation as banks and their clients increased foreign exchange transactions during the week.

Average daily turnover rises to $678.33m

Average daily FX turnover climbed to $678.33 million during the week, compared with $482.97 million recorded in the previous week.

This represents a 40.45% weekly increase and reflects stronger trading activity and improved liquidity across Nigeria’s foreign exchange market.

The rebound comes amid ongoing efforts to deepen the FX market, improve liquidity and strengthen price discovery across Nigeria’s foreign exchange trading platforms.