FX market turnover surges 83% to $4.38bn on FMDQ

FX market turnover surges 83% to $4.38bn on FMDQ

Total turnover in the official foreign exchange market surged 83.38 per cent to $4.38bn in the week ended July 24, 2026, amid heightened demand for foreign currency and increased regulatory clarity following the Central Bank of Nigeria’s ongoing liquidity-boosting reforms.

The uptick on the FMDQ Securities Exchange represents a gain of $1.99bn compared to the

$2.39bn logged in the preceding week ended 17 July 2026. Market analysts attribute the liquidity injection to stronger autonomous inflows and aggressive corporate positioning in the spot and derivatives windows.

Disclosing the development in its weekly FX market analysis report, FMDQ stated, “The total turnover for the week-ended July 24, 2026, was $4,375.01m, representing an increase of 83.38 per cent ($1,989.22m) from the $2,385.79m reported for the week-ended 17 July 2026.”

According to the financial market infrastructure group, the notable week-on-week expansion was powered primarily by aggressive buying in the spot segment, alongside a sudden resurgence in short-term hedging contracts.

“The week-on-week increase in total turnover was jointly driven by the 81.85 per cent ($1,940.85m) increase in FX Spot transactions, which recorded a total value of $4,312.14m compared to $2,371.29m in the week-ended 17 July 2026,” the Exchange noted in the report. In addition to spot market expansion, the derivatives segment recorded a steep multi-fold advance, providing critical hedging avenues for corporates and institutional investors seeking to cushion foreign exchange risks.

“The 333.59 per cent ($48.37m) increase in FX Derivatives transactions for the week-ended 24

July 2026 was driven by the 333.59 per cent ($48.37m) increase in FX Forwards turnover,” FMDQ

stated.

A breakdown of product market share revealed that FX Spot transactions maintained overwhelming control of market activity, accounting for 98.56 per cent ($4,312.14m) of total weekly turnover, down slightly from 99.39 per cent ($2,371.29m) recorded in the previous week.

FX Forwards and FX Derivatives contributed the remaining 1.44 per cent ($62.87m) of total market volume, up from a 0.61 per cent ($14.50m) share logged in the week ended  17 July 2026. Average daily total FX turnover on the platform consequently surged from $477.16m to $875.00m over the five-day trading period.

The foreign exchange market has continued to witness improved turnover following recent policy measures by the apex bank aimed at consolidating trade rules, streamlining foreign exchange remittances, and deepening market transparency across authorised dealer banks and official windows.

Source: https://punchng.com/fx-market-turnover-surges-83-to-4-38bn-on-fmdq/