Trading activity in Nigeria’s interbank foreign exchange architecture recorded positive momentum as the combined turnover of the FX spot and derivatives markets advanced by 7.70% week-on-week.
Data released in a weekly report by the FMDQ Securities Exchange revealed that total turnover climbed to $2,323.07 million for the week ending June 19, up from the $2,157.02 million recorded in the previous week.
The expansion of $166.05 million was driven by synchronized growth across both transactional structures.
The spot FX market, which remains the dominant channel for retail, trade, and corporate clearing, grew by 6.80% week-on-week. Spot transactions added $145.64 million to achieve a total liquidity volume of $2,286.93 million, up from $2,141.29 million.
Concurrently, the derivatives market experienced a massive percentage surge, leaping by 129.75% to bring an additional $20.41 million to the market.
Market analysts noted that the entire growth within the derivatives segment was propelled by accelerated activities in FX forwards.
The spike in forward contracts signals an intensifying appetite among corporate entities and investors for hedging instruments.
Corporate treasuries are actively seeking forward covers to insulate their balance sheets from exchange rate volatility and shifting macroeconomic indicators.
The steady climb in aggregate turnover underscores expanding depth and returning liquidity within the interbank framework. Financial experts attribute this progressive stabilization to the ongoing market liberalization policies designed to enhance transparency and broaden multi-channel participation.