FMDQ FX market turnover hits $2.84 billion as trading surges 22%

The Foreign Exchange (FX) market recorded a total turnover of $2.84 billion in the week ended June 26, 2026, as trading activity strengthened across both spot and derivatives segments.

This is according to the latest weekly FX market turnover report released by FMDQ Exchange.

The report obtained by Nairametrics showed that the total turnover of $2.84 billion represented an increase of $512.37 million, or 22.06%, compared with the $2.32 billion recorded in the previous week ended June 19, 2026.

The improvement in market activity was driven by higher volumes in both the FX Spot and FX Derivatives markets.

The market recorded an average daily turnover of $567.09 million during the review week, up from $464.62 million in the preceding week.

A breakdown of market activity shows that the FX Spot market remained the dominant segment, accounting for almost all transactions executed during the week.

Overall, FX Derivatives turnover increased by 77.20%, equivalent to an additional $27.90 million in traded value. Within the derivatives segment, FX Forwards remained the only actively traded instrument.

The increase represented a week-on-week growth of 77.20%.

Exchange-Traded FX Futures recorded no activity during the review week, unchanged from the previous week.

The strong increase in FX Spot turnover suggests improved market participation among banks and their clients during the week.

The rise in average daily turnover across both market segments also suggests improved liquidity conditions in the interbank foreign exchange market.

The sustained weekly improvement in performance underscores the central role of the FX Spot market in Nigeria’s foreign exchange ecosystem.

The sustained growth in market turnover suggests that liquidity conditions in the foreign exchange market remained relatively robust during the period, although trading activity continues to be concentrated in spot transactions.