The value of dollars traded in Nigeria’s foreign exchange market dropped 51.29% to $1.81 billion in the week ended November 6, 2026, from $3.71 billion in the preceding week, a decline of about $1.90 billion, according to the latest FMDQ report on transactions between authorised dealers and their customers.
The fall exceeded the 46.57% decline recorded in the week ended July 10, which Nairametrics had reported as the sharpest weekly drop of 2026 at the time. Average daily foreign exchange turnover also fell to $361.67 million from $742.51 million.
Spot transactions accounted for most of the decline, dropping 50.91% to $1.79 billion from $3.64 billion, a weekly reduction of roughly $1.85 billion.
• Spot transactions accounted for 98.77% of total foreign exchange turnover, compared with 98.01% in the preceding week. • Average daily spot turnover declined to $357.23 million from $727.74 million. • Spot trading contributed approximately 97.3% of the overall $1.90 billion reduction in weekly dollar turnover.
The derivatives segment also contracted, with forward transactions down 69.93% to $22.20 million from $73.83 million. Forward contracts represented 1.23% of total turnover, down from 1.99% the previous week, while average daily derivatives turnover fell to $4.44 million from $14.77 million. The segment contributed about $51.63 million to the weekly decline. The forward turnover reflects contracts executed during the week rather than the value of outstanding forward positions.
The naira weakened by about 0.1% week-on-week to N1,349.00 per dollar despite a $50 million intervention by the Central Bank of Nigeria, with forward rates also moving against the naira across all reported tenors.
• The one-month forward rate weakened by 0.2% to N1,370.19 per dollar. • The three-month rate depreciated by 0.2% to N1,405.78 per dollar. • The six-month rate declined by 0.2% to N1,455.88 per dollar. • The one-year forward rate weakened by 0.6% to N1,557.65 per dollar, the largest percentage movement among the reported tenors.
Nairametrics had earlier reported that the currency weakened from N1,329.50 per dollar at the end of September to approximately N1,346 per dollar by October 30. The latest figures therefore point to a further modest depreciation even as dollar trading volumes declined substantially.
