The worth of {dollars} traded in Nigeria’s international change market fell by 51.29% to $1.81 billion within the week ended November 6, 2026, from $3.71 billion within the previous week, representing a decline of roughly $1.90 billion.
According to the newest FMDQ report monitoring international change transactions between authorised sellers and their prospects, the decline exceeded the 46.57% drop recorded within the week ended July 10, which Nairametrics previously reported as the sharpest weekly fall of 2026 at the time.
Average every day FX turnover additionally declined to $361.67 million from $742.51 million, reflecting a considerable slowdown in trading exercise throughout the market.
Spot Dollar trading falls 51%:
Spot international change transactions accounted for many of the decline in Nigeria’s weekly dollar turnover, falling by 50.91% to $1.79 billion from $3.64 billion.
The section, which covers transactions involving near-immediate supply of international forex, recorded a weekly discount of roughly $1.85 billion.
- Spot transactions accounted for 98.77% of whole FX turnover throughout the week, in contrast with 98.01% within the previous week.
- Average every day spot turnover declined to $357.23 million from $727.74 million.
- Spot trading contributed roughly 97.3% of the general $1.90 billion discount in weekly dollar turnover.
The derivatives section additionally recorded a big contraction, with ahead transactions declining by 69.93% to $22.20 million from $73.83 million.
Forward contracts accounted for 1.23% of whole turnover, down from 1.99% within the previous week.
Average every day derivatives turnover fell to $4.44 million from $14.77 million, whereas the section contributed roughly $51.63 million to the weekly decline.
The reported ahead turnover represents contracts executed throughout the week slightly than the worth of excellent ahead positions.
Together, the spot and ahead figures present that the contraction affected each instant dollar transactions and forward-market exercise.
Naira weakens regardless of CBN intervention:
The naira depreciated by roughly 0.1% week-on-week to N1,349.00 per dollar regardless of a $50 million intervention by the Central Bank of Nigeria.
- The weakening occurred alongside the sharp decline in FX trading volumes, whereas ahead change charges additionally moved towards the naira throughout all reported tenors.
- The one-month ahead charge weakened by 0.2% to N1,370.19 per dollar, whereas the three-month charge depreciated by 0.2% to N1,405.78 per dollar.
- The six-month ahead charge declined by 0.2% to N1,455.88 per dollar.
- The one-year ahead charge weakened by 0.6% to N1,557.65 per dollar, recording the most important share motion among the many reported tenors.
Nairametrics had earlier reported that the currency weakened from N1,329.50 per dollar on the finish of September to roughly N1,346 per dollar by October 30.
The newest FX figures subsequently present an additional modest depreciation within the naira, even as dollar trading volumes declined considerably.
Analysts anticipate relative Naira stability:
Analysts anticipate the naira to stay comparatively secure within the close to time period, though they recognized dangers that would restrict additional appreciation.
Cordros Securities based its outlook on Nigeria’s foreign exchange reserves and continued present account surplus, whereas cautioning that modifications in home yields and international monetary situations may have an effect on portfolio funding flows.
- “We expect the naira to remain broadly stable around current levels in the near term,” Cordros Securities stated.
- Cowry Asset Management expects the naira to commerce inside a “relatively stable band.”
Cordros warned that decrease home yields or tighter international monetary situations may weigh on portfolio flows into Nigeria.
Cowry Asset Management additionally recognized sustained dollar demand, seasonal cost obligations and crude oil costs as components that would restrict near-term naira appreciation.
Market consideration is predicted to shift in direction of the following inflation report and the Monetary Policy Committee’s interest-rate determination later in November.
This week, Treasury Bills maturities of N148.57 billion and Open Market Operations maturities of N774.53 billion are anticipated.
The mixed maturities quantity to roughly N923.10 billion and can type a part of the liquidity developments monitored by market contributors. The route of the naira will stay delicate to international change demand, portfolio flows and broader monetary market situations.
