Total turnover in the official foreign exchange market surged 83.38 per cent to $4.38bn in the week ended July 24, 2026, amid heightened demand for foreign currency and increased regulatory clarity following the Central Bank of Nigeria’s ongoing liquidity-boosting reforms.
The uptick on the FMDQ Securities Exchange represents a gain of $1.99bn compared to the $2.39bn logged in the preceding week ended 17 July 2026. Market analysts attribute the liquidity injection to stronger autonomous inflows and aggressive corporate positioning in the spot and derivatives windows.
Disclosing the development in its weekly FX market analysis report, FMDQ stated, “The total turnover for the week-ended July 24, 2026, was $4,375.01m, representing an increase of 83.38 per cent ($1,989.22m) from the $2,385.79m reported for the week-ended 17 July 2026.”
According to the financial market infrastructure group, the notable week-on-week expansion was powered primarily by aggressive buying in the spot segment, alongside a sudden resurgence in short-term hedging contracts.
“The week-on-week increase in total turnover was jointly driven by the 81.85 per cent ($1,940.85m) increase in FX Spot transactions, which recorded a total value of $4,312.14m compared to $2,371.29m in the week-ended 17 July 2026,” the Exchange noted in the report. Related News NAMB president seeks more FG support for MFBs Cardoso, Okonjo-Iweala to lead Africa Emerging Markets Forum NSDC urges reforms to cut manufacturers’ production costs
