Activity in the Nigerian foreign exchange market slowed down significantly during the week ended 10 July 2026, as total turnover across the Spot and Derivatives markets plummeted by nearly half.
According to the latest weekly data released by FMDQ Exchange, the market recorded a total turnover of $1,631.12m. This represents a sharp 46.57% contraction, amounting to a loss of $1,421.89m in liquidity, compared to the $3,053.01m reported in the preceding week ended 3 July 2026.
The bearish sentiment trickled heavily into the hedging segment, where derivative instruments faced steep declines.
“The week-on-week decrease in total turnover was jointly driven by the 46.62% ($1,379.66m) decrease in FX Spot transactions… and the 45.19% ($42.23m) decrease in FX Derivatives transactions for the week-ended 10 July 2026,” FMDQ noted in its weekly commentary. Related News Naira weakens 0.85% to close at N1,381.70/$ Ooni backs Tinubu, says economic reforms yielding results Dangote’s N45 dividend to inject billions into NGX
A closer look at the derivatives segment reveals that the slump was entirely a reflection of cooling corporate appetite for future value contracts, with other derivative classes failing to post any activity.
