Nigeria’s foreign exchange market closed June on a strong note as trading activity surged sharply in the final week of the month. New data from FMDQ Securities Exchange Limited revealed that total turnover across the FX Spot and Derivatives markets climbed by more than 22 per cent, reflecting growing confidence among market participants and increased demand for foreign exchange instruments.
According to the latest Weekly FX Turnover Analysis Report for the week ended June 26, 2026, total market turnover rose to $2.84 billion, up from $2.32 billion recorded in the previous week. The impressive increase added more than $512 million to overall trading volumes, highlighting renewed momentum in one of Nigeria’s most closely watched financial markets.
The rally was largely powered by the FX Spot market, which remains the dominant segment of foreign exchange trading. Spot transactions increased by 21.18 per cent, rising from $2.29 billion to $2.77 billion within a week. The sharp rise suggests stronger participation from investors, businesses, and financial institutions seeking access to foreign currency amid evolving market conditions.
While the spot market accounted for the largest share of activity, the FX Derivatives segment delivered the fastest growth rate. Turnover in derivatives jumped by an impressive 77.2 per cent, increasing from $36.14 million to $64.04 million. Market analysts noted that the surge was driven entirely by higher volumes in FX Forward contracts, while Exchange-Traded FX Futures recorded no activity during the period.
The increased trading momentum also lifted the market’s daily average turnover to $567.09 million, underlining efforts by regulators and market operators to deepen liquidity and improve transparency within the Nigerian Autonomous Foreign Exchange Market. With both spot and forward transactions gaining strength, the latest figures signal a more active and resilient FX market as Nigeria continues its push for greater stability in the foreign exchange sector.
source: punch
