Turnover in Nigeria’s foreign exchange market fell sharply in the week ending 10 July 2026, with activity across both the Spot and Derivatives segments dropping by nearly half.
Nigeria’s financial markets opened 2026 with strong momentum as FMDQ Group recorded a total turnover of ₦60.77tn in January, driven largely by foreign exchange activity.
The Financial Market Dealers Quotation (FMDQ) in its analÂysis of the Nigerian economy for April 2025, has said that the total inflows into the country’s exchange market dropped by 5.7 percent to $6.67 billion when compared to March with $3.90 billion.
Why Forex Market Turnover Hit N23.9tn
The FMDQ Exchange reported a significant rise in turnover in its foreign exchange market for November 2024, totalling N23.95tn ($14.39bn).
This is according to the FMDQ Markets Monthly Report obtained on Wednesday.
FMDQ is a financial market infrastructure in Nigeria that...
Naira Drops to N1690.37/$ as Dollar Supply Declines
The naira weakened by 2.31 per cent or N38.12 on Monday at the National Autonomous Foreign Exchange Market to N1690.37/$ compared to 1652.25/$ that it had closed the previous week at.
According to FMDQ data on Monday, the...
Naira Declines by 8.2% Against Dollar
Nigeria’s naira has continued its downward slide, falling to a new low of N1,677 per dollar at the official close on Wednesday, according to data from FMDQ compiled by Bloomberg.
This represents a decline of 8.2 per cent since the...
