Nigeria’s Weekly Foreign-Exchange Turnover Falls 51.29% to $1.81bn
LAGOS — Turnover in Nigeria’s foreign-exchange spot and derivatives markets fell sharply in the week ended 6 November 2026, according to market data compiled from authorised dealers.
Total turnover was $1.80835 billion, down 51.29 per cent—or $1.90418 billion—from $3.71253 billion in the preceding week. Average daily turnover fell to $361.67 million from $742.51 million.
Spot and forward transactions both declined
Spot transactions accounted for most activity. Weekly spot turnover fell 50.91 per cent to $1.78615 billion from $3.63870 billion. The spot market represented 98.77 per cent of total turnover during the latest period.
Forward turnover declined 69.93 per cent to $22.20 million from $73.83 million. Forwards allow parties to agree an exchange rate for delivery at a later date and can be used to manage currency risk.
The figures are based on trades reported by FMDQ dealing members and cover transactions between banks, clients and the Central Bank of Nigeria. They do not represent the value of all economic activity involving foreign currency, and one week’s decline does not by itself establish a longer-term trend.
Why turnover matters
Market turnover indicates the volume of currency being exchanged through reported channels. A steep weekly fall can reflect changes in corporate demand, liquidity, settlement timing or market expectations. It should not automatically be interpreted as either an improvement or deterioration in the naira without considering prices, reserves and flows over a longer period.
The naira moved only marginally during the week, according to the accompanying market analysis. Businesses and households should use authorised institutions and current quoted rates rather than informal claims about the currency market.
Sources: FMDQ Exchange market-turnover information; weekly FMDQ data analysis; Punch report.
Featured image: illustrative market-screen photograph by Maxim Hopman via Unsplash. It does not show the specific transactions reported by FMDQ.
