FMDQ FX market turnover falls 22.23% to $2.62m in mid-October – Daily Trust

The Nigerian international trade (FX) spot and derivatives markets recorded a notable decline in turnover in the week ended October 16, 2026, with whole turnover falling to $2,620.70 million.
The contraction adopted a earlier week of heightened market exercise, throughout which buying and selling volumes surged amid ongoing structural reforms by the Central Bank of Nigeria (CBN) geared toward selling a clear, market-driven willing-buyer, willing-seller system.
The newest figures characterize a 22.23% lower, equal to $749.15 million, from the $3,369.85 million recorded in the previous week ended October 9, 2026.
Market analysts famous that the week-on-week (WoW) decline in whole turnover was pushed by a 19.83% ($642.09 million) lower in FX spot transactions and an 81.14% ($107.06 million) drop in FX derivatives transactions, comprising FX forwards, in the week ended October 16, 2026.
During the interval below evaluation, FX spot transactions fell to $2,595.81 million from $3,237.90 million in the earlier week. Spot transactions accounted for 99.05% of whole market turnover, with a every day common of $519.16 million.
Meanwhile, FX derivatives turnover plunged by 81.14%, accounting for simply 0.95% of whole market exercise.
Overall, the decline in buying and selling exercise introduced the market’s every day common turnover down to $524.14 million in the week ended October 16, 2026, from $673.97 million in the previous week.