{"id":10717,"date":"2026-10-09T13:10:39","date_gmt":"2026-10-09T13:10:39","guid":{"rendered":"https:\/\/ograsset.com\/?p=10717"},"modified":"2026-10-09T13:10:40","modified_gmt":"2026-10-09T13:10:40","slug":"fx-turnover-falls-to-1-7bn-as-spot-trading-drops","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2026\/10\/09\/fx-turnover-falls-to-1-7bn-as-spot-trading-drops\/","title":{"rendered":"FX turnover falls to $1.7bn as spot trading drops"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Trading activity in Nigeria\u2019s foreign exchange market fell sharply last week, as total turnover<\/p>\n\n\n\n

across the spot and derivatives segments dropped to $1.70 billion.<\/p>\n\n\n\n

Data from FMDQ showed that turnover for the week ended 2 October, 2026, fell by 35.4 per cent from $2.63bn recorded in the previous week.<\/p>\n\n\n\n

The decline was largely caused by a sharp fall in spot transactions, which account for most trading in the market.<\/p>\n\n\n\n

FX spot turnover dropped by $955.7m, or 36.9 per cent, to $1.63bn from $2.59bn a week earlier.<\/p>\n\n\n\n

Average daily spot trading also fell to $408.06m from $517.59m. As a result, spot transactions accounted for 96.2 per cent of total FX turnover during the week, down from 98.5 per cent previously.<\/p>\n\n\n\n

Spot turnover means the total value of FX bought and sold for immediate or near-immediate delivery in the FX market.<\/p>\n\n\n\n

The decline suggests that activity in the main segment of the official FX market weakened considerably during the week, despite continued demand for foreign currency.<\/p>\n\n\n\n

Total average daily FX turnover fell to $424.24m from $525.43m.<\/p>\n\n\n\n

Unlike the spot market, trading in FX derivatives increased during the week.<\/p>\n\n\n\n

Derivatives turnover, mainly made up of FX forwards, rose by 65.1 per cent to $64.73m from<\/p>\n\n\n\n

$39.21m.<\/p>\n\n\n\n

However, the increase was not enough to offset the much larger decline in spot transactions. Derivatives accounted for just 3.8 per cent of total FX turnover, meaning that most activity in<\/p>\n\n\n\n

Nigeria\u2019s FX market still takes place through spot transactions.<\/p>\n\n\n\n

The decline in trading activity came despite continued demand for foreign exchange.<\/p>\n\n\n\n

Nigeria\u2019s gross external reserves increased by $62.17m million to $54.93bn as of 30 September.<\/p>\n\n\n\n

The reserves had also risen by $1.11bn in September, suggesting that the country continued to record some improvement in its external liquidity position.<\/p>\n\n\n\n

However, the rise in reserves has not completely removed pressure from the FX market.<\/p>\n\n\n\n

Source: https:\/\/punchng.com\/fx-turnover-falls-to-1-7bn-as-spot-trading-drops\/<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Trading activity in Nigeria\u2019s foreign exchange market fell sharply last week, as total turnover across the spot and derivatives segments dropped to $1.70 billion. Data from FMDQ showed that turnover for the week ended 2 October, 2026, fell by 35.4 per cent from $2.63bn recorded in the previous week. The decline was largely caused by… <\/p>\n

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