FX market turnover jumps 11% to $2.63bn as spot and forward trade rebound

Nigeria’s foreign exchange market turnover rose 11.02% to $2.627 billion in the week ended September 25, 2026, up from $2.366 billion the prior week, according to FMDQ data reviewed by Nairametrics. Spot trading drove most of the gain, increasing 10.62% to $2.588 billion, while FX derivatives (mainly forwards) surged 46.42% to $39.21 million from a low base. Average daily turnover climbed to $525.43 million from $473.26 million. The naira held steady around N1,330 per dollar, supported by external reserves above $55 billion—the highest in over 18 years—and the CBN’s 350‑basis‑point cut of the monetary policy rate to 23% on September 21‑22, with August inflation at 15.39%.

Although forwards rebounded strongly in percentage terms, they remain a tiny fraction of activity—about 1.5% of total turnover—and are still far below the $427.99 million seen in the week of September 11. Market analysts note that with spot trades accounting for nearly 99% of turnover, the naira’s stability may reduce immediate hedging demand, but businesses with future dollar needs should watch whether the forward market continues to recover.

For importers, exporters and firms with foreign‑currency obligations, the current stability offers a window to lock in rates via forward contracts if they anticipate volatility, while the ample reserves suggest the CBN can sustain liquidity for now.

SOURCE: https://nairametrics.com/2026/09/28/fx-spot-derivatives-drive-fx-trade-rebound-to-2-63-billion/