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FX Records $3.05bn Turnover, Highest in Three Months
Foreign exchange market recorded its strongest weekly turnover in three months, with total transactions rising 7.67% to $3.053 billion in the week ended July 3, 2026, according to the FMDQ weekly FX market review.
Daily average turnover stood at $610.60 million, with both spot and derivatives segments showing growth for the second consecutive week. The increase was driven by higher spot volumes and a sharp rise in FX Forwards activity.
Spot transactions remained dominant, accounting for 96.94% of total turnover, climbing to $2.959 billion, a week-on-week increase of $188.16 million.
FX Forwards surged 45.92% to $93.45 million, nearly doubling their share of derivatives turnover. Analysts say this reflects growing demand for currency hedging among corporates, importers, and institutional investors.
“The price of the product is coming down bit by bit… Presently, we have reduced by ₦125 per litre nationwide,” one market participant noted, highlighting gradual adjustments in FX-linked pricing.
The derivatives segment’s share rose to 3.06% from 2.26%, a relatively small portion but a significant relative expansion in one week, signalling a maturing FX risk management culture.
The week’s turnover compares favourably with the $2.323 billion recorded on June 19, marking a cumulative recovery of about $730 million in two weeks, suggesting improving liquidity conditions as Q3 2026 opens.
The report noted that while FX Spot will remain the dominant instrument, the rise in derivatives activity points to a more sophisticated market.
The Exchange-Traded FX Futures segment, however, recorded zero activity, underscoring the preference for over-the-counter instruments.
