FX market trading jumps 22% in June – Report

Nigeria's foreign exchange market saw a significant uptick in activity during the last week of June 2026, with total turnover climbing by more than 22%. This surge was fueled by a strong rebound in both spot transactions and hedging derivatives, according to a report by FMDQ Securities Exchange Limited.

The combined turnover in the FX Spot and Derivatives markets reached $2,835.44 million for the week ending June 26, an increase of $512.37 million from the $2,323.07 million recorded in the preceding week. The report highlighted that the week-on-week increase was jointly driven by a 21.18% rise in FX Spot transactions, which totaled $2,771.40 million, and a remarkable 77.20% increase in FX Derivatives transactions.

While the FX Spot segment, traditionally the largest market share holder, grew by 21.18% to $2,771.40 million, the FX Derivatives sector experienced explosive growth. Derivatives turnover surged by 77.20%, rising from $36.14 million to $64.04 million. FMDQ attributed this derivative growth entirely to increased volume in FX Forwards, as Exchange-Traded FX Futures remained flat. This heightened trading pace elevated the market's daily average turnover to a robust $567.09 million, aligning with regulatory efforts to enhance liquidity and transparency in the Nigerian Autonomous Foreign Exchange Market.