Nigeria's FX market rebounds to $2.386bn turnover as spot trading surges
Nigeria’s foreign exchange market rebounded sharply in the week ending July 17 2026, with total turnover climbing to $2.386 billion—a 46.27% rise from the previous week’s $1.631 billion. The surge was driven entirely by the spot market, which jumped 50.09% to $2.371 billion and accounted for 99.39% of all trades, while forward contracts plummeted 71.69% to $14.5 million. Average daily spot turnover rose to $474.26 million from $315.98 million, and daily forward turnover fell to $2.90 million from $10.24 million. The data, released by FMDQ Exchange, shows market participants are prioritising immediate foreign‑currency settlement over hedging future rates, signalling improved confidence in near‑term FX liquidity as reserves strengthen. For importers, exporters, banks and investors, this means easier access to spot FX for current payments and less pressure to lock in forward rates, though the derivatives segment remains useful for managing longer‑term currency risk. Market watchers should watch reserve trends and forward‑curve moves; if spot liquidity holds, hedging activity may stay subdued, but any reversal could quickly revive demand for forwards.