Nigeria’s Forex Market Liquidity Surges 355% in One Week 

The Nigerian official foreign exchange market saw its turnover jump more than fourfold this week, according to data on trades between banks and their clients seen by Markets Reporters. 

In the FX spot and derivatives markets, the total turnover soared to $6.67 billion from $1.47 billion in the previous week. 

Data from FMDQ shows that the increase in liquidity was driven by the 356.28% increase in FX spot transactions to $6.67 billion, offsetting the 45.65% ($2.10 million) decrease in derivatives transactions.

“The decrease in FX Derivatives turnover was solely driven by the 45.65% ($2.10 million) decrease in FX Forwards turnover,” the securities exchange said.