Market News
Exports to US fall by N366bn as imports surge - PUNCH
By Jide Ajia
Activity in the Nigerian foreign exchange market experienced a significant surge in the final week of June, with total turnover climbing by more than 22 per cent, driven by a sharp rebound in both spot transactions and hedging derivatives.
According to the Weekly FX Turnover Analysis Report released by FMDQ Securities Exchange Limited for the week ended 26 June 2026, the combined turnover in the FX Spot and Derivatives markets jumped to $2,835.44m. This represents an absolute increase of $512.37m compared to the $2,323.07m recorded in the preceding week ended 19 June 2026.
In its assessment of the market trajectory, the report noted, “The week-on-week increase in total turnover was jointly driven by the 21.18 per cent ($484.47m) increase in FX Spot transactions, which recorded a total value of $2,771.40m compared to $2,286.93m in the week-ended 19 June 2026, and the 77.20 per cent ($27.90m) increase in FX Derivatives transactions.”
A closer look at the data shows that the week-on-week rally was anchor-driven by the FX Spot segment, which traditionally commands the largest market share. Spot turnover grew 21.18 per cent ($484.47m), closing the week at $2,771.40m up from $2,286.93m.
However, the most explosive percentage growth occurred in the FX Derivatives sector, which saw a staggering 77.20 per cent surge, rising from $36.14m to $64.04m. FMDQ attributed this derivative growth entirely to increased volume in FX Forwards, while Exchange-Traded FX Futures flatlined at zero.
Detailing the specific driver behind the derivatives rally, the FMDQ report stated, “The week-on-week increase in FX Derivatives turnover was driven by the 77.20 per cent ($27.90m) increase in FX Forwards turnover.”
The increased pace of trading elevated the market’s daily throughput significantly. The daily average turnover for the week ended 26 June settled at a robust $567.09m, keeping pace with broader efforts by financial regulators to enhance liquidity and transparency in the Nigerian Autonomous Foreign Exchange Market.
