{"id":9301,"date":"2026-07-28T13:09:42","date_gmt":"2026-07-28T13:09:42","guid":{"rendered":"https:\/\/ograsset.com\/?p=9301"},"modified":"2026-07-28T13:09:43","modified_gmt":"2026-07-28T13:09:43","slug":"fx-turnover-hits-4-4bn-as-large-deals-spur-speculation","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2026\/07\/28\/fx-turnover-hits-4-4bn-as-large-deals-spur-speculation\/","title":{"rendered":"FX turnover hits $4.4bn as large deals spur speculation"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"255\" height=\"156\" src=\"https:\/\/ograsset.com\/wp-content\/uploads\/2026\/07\/July-2888888.png\" alt=\"\" class=\"wp-image-9302\" style=\"width:689px;height:auto\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>F<\/strong><strong>X turnover hits $4.4bn as large deals spur speculation<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nigeria\u2019s foreign exchange market recorded its strongest weekly performance of 2026 as turnover<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">in the spot and derivatives segments reached the $4.4bn mark for the first time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Transactions climbed 83.4 per cent to $4.375bn in the week ended 24 July, from $2.386bn recorded a week earlier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data obtained from the FMDQ Exchange showed the latest performance eclipsed the previous peak of $3.053bn recorded in the week ended 3 July, underscoring a sharp increase in trading activity across the official market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The FMDQ report showed broad-based growth across the market. Spot transactions rose 81.9 per cent to $4.312bn from $2.371bn, while turnover in FX forwards increased 333.6 per cent to<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">$62.87m, compared with $14.50m in the previous week. Average daily turnover increased to<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">$875m, up from $477.2m.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the surge in forward contracts, the spot market remained dominant, accounting for 98.6 per cent of total turnover, while forwards represented 1.4 per cent, higher than the previous week\u2019s<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">0.6 per cent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The latest figure represents the biggest weekly increase seen this year, with turnover rising by nearly $2bn in one week. Trading volumes had hovered between $2.1bn and $2.8bn through much of June before climbing to $3.053bn in early July, slipping to $1.631bn, recovering to $2.386bn, and now reaching a record $4.375bn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reason for the surge in FX deals was not clear. Some analysts attributed it to Dangote Refinery\u2019s brief decision, announced on 14 July, to sell petrol, diesel and aviation fuel in US dollars instead of naira. But this is unlikely as the decision lasted only about a week before it was reversed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt is likely a combination of several factors. It could be a result of large corporate FX demand or portfolio rebalancing. It could also be a result of the settlement of previously negotiated deals or offshore debt servicing. There may be other reasons, but it generally shows greater market confidence,\u201d said an emerging market analyst, Ike<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: https:\/\/punchng.com\/fx-turnover-hits-4-4bn-as-large-deals-spur-speculation\/<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FX turnover hits $4.4bn as large deals spur speculation Nigeria\u2019s foreign exchange market recorded its strongest weekly performance of 2026 as turnover in the spot and derivatives segments reached the $4.4bn mark for the first time. Transactions climbed 83.4 per cent to $4.375bn in the week ended 24 July, from $2.386bn recorded a week earlier&#8230;. <\/p>\n<div class=\"clear\"><\/div>\n<p><a href=\"https:\/\/ograsset.com\/index.php\/2026\/07\/28\/fx-turnover-hits-4-4bn-as-large-deals-spur-speculation\/\" class=\"excerpt-read-more\">Read More \u2192<\/a><\/p>\n","protected":false},"author":2,"featured_media":9302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-9301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fit-row"],"jetpack_featured_media_url":"https:\/\/ograsset.com\/wp-content\/uploads\/2026\/07\/July-2888888.png","_links":{"self":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/9301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/comments?post=9301"}],"version-history":[{"count":2,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/9301\/revisions"}],"predecessor-version":[{"id":9304,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/9301\/revisions\/9304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/media\/9302"}],"wp:attachment":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/media?parent=9301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/categories?post=9301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/tags?post=9301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}