Nigeria’s foreign exchange market has recorded a major milestone after weekly turnover climbed to $4.375 billion, marking the first time in 2026 that trading activity has crossed the $4 billion mark. The surge reflects improving liquidity and stronger participation in the country’s official FX market.
According to market data, the increase was driven largely by higher volumes in the spot market, with businesses, banks and investors actively trading foreign currencies. The latest figure represents a significant jump from previous weeks and underscores growing confidence in the reforms introduced to deepen Nigeria’s foreign exchange market.
Analysts say stronger FX turnover generally improves market liquidity, making it easier for businesses to access foreign currency for imports and other international transactions. It can also help reduce volatility in exchange rates by increasing the amount of foreign exchange available in the market.
The milestone comes as monetary authorities continue efforts to attract foreign investment, improve price discovery and strengthen confidence in the naira through ongoing market reforms. While challenges remain, the latest trading volume signals increased activity in Nigeria’s official foreign exchange market.
