Nigeria’s official FX market posts 34% drop in weekly liquidity 

The liquidity in the Nigerian official foreign exchange market fell by over a third this week, according to data from securities exchange FMDQ. 

The data, released on Saturday, shows that the total turnover in the FX spot and derivatives markets dropped to $1.44 billion from $2.19 billion last week. 

FX spot transactions declined by 34.26 percent to $1.44 billion, offsetting the $0.02 million increase in derivatives transactions.

FMDQ said the increase in FX derivatives turnover was “solely driven by the $0.02 million increase in FX forwards turnover, whilst there was continued lack of activity in both the Exchange-Traded FX Futures and Cleared Naira-Settled Non-Deliverable Forwards markets”.