Nigeria’s foreign exchange market recorded its highest weekly turnover of 2026, with combined transactions in the spot and derivatives segments jumping 146.12% to $5.06 billion in the week ended August 21.
Weekly trade data published by FMDQ Securities Exchange shows turnover surged from $2.05 billion recorded the previous week, driven by a massive influx of foreign capital into the official market window.
The record performance was overwhelmingly propelled by the FX Spot market, which surged 155.02% week-on-week to $5.01 billion, up from $1.96 billion in the preceding trading period.
Spot transactions dominated overall market activity, accounting for 99.03% of total trading volumes as authorized dealers and foreign portfolio managers aggressively matched buying and selling orders.
Conversely, activity in the FX Derivatives market contracted 46.09% to $49 million from $90.89 million, fully constrained by reduced long-term hedging demand in the forwards market.
The previous weekly high for 2026 was established in late July at $4.38 billion, underscoring a persistent upward trajectory in systemic dollar liquidity across official trading channels.
Market confidence has strengthened following recent monetary policy tightening by the Central Bank of Nigeria, alongside sustained accretion in gross foreign exchange reserves past the $52 billion mark in August 2026.
The liquidity boost offers crucial support to the naira, stabilizing the official exchange rate while clearing residual demand backlogs for foreign corporate investors repatriating capital.
