The worth of {dollars} traded in Nigeria’s international alternate market fell by 51.29% to $1.81 billion within the week ended November 6, 2026, from $3.71 billion within the previous week, representing a decline of roughly $1.90 billion.
According to the most recent FMDQ report monitoring international alternate transactions between authorised sellers and their prospects, the decline exceeded the 46.57% drop recorded within the week ended July 10, which Nairametrics previously reported as the sharpest weekly fall of 2026 at the time.
Average day by day FX turnover additionally declined to $361.67 million from $742.51 million, reflecting a considerable slowdown in trading exercise throughout the market.
Spot Dollar trading falls 51%:
Spot international alternate transactions accounted for many of the decline in Nigeria’s weekly dollar turnover, falling by 50.91% to $1.79 billion from $3.64 billion.
The section, which covers transactions involving near-immediate supply of international forex, recorded a weekly discount of roughly $1.85 billion.
- Spot transactions accounted for 98.77% of complete FX turnover in the course of the week, in contrast with 98.01% within the previous week.
- Average day by day spot turnover declined to $357.23 million from $727.74 million.
- Spot trading contributed roughly 97.3% of the general $1.90 billion discount in weekly dollar turnover.
The derivatives section additionally recorded a big contraction, with ahead transactions declining by 69.93% to $22.20 million from $73.83 million.
Forward contracts accounted for 1.23% of complete turnover, down from 1.99% within the previous week.
Average day by day derivatives turnover fell to $4.44 million from $14.77 million, whereas the section contributed roughly $51.63 million to the weekly decline.
The reported ahead turnover represents contracts executed in the course of the week reasonably than the worth of excellent ahead positions.
Together, the spot and ahead figures present that the contraction affected each speedy dollar transactions and forward-market exercise.
Naira weakens regardless of CBN intervention:
The naira depreciated by roughly 0.1% week-on-week to N1,349.00 per dollar regardless of a $50 million intervention by the Central Bank of Nigeria.
- The weakening occurred alongside the sharp decline in FX trading volumes, whereas ahead alternate charges additionally moved in opposition to the naira throughout all reported tenors.
- The one-month ahead price weakened by 0.2% to N1,370.19 per dollar, whereas the three-month price depreciated by 0.2% to N1,405.78 per dollar.
- The six-month ahead price declined by 0.2% to N1,455.88 per dollar.
- The one-year ahead price weakened by 0.6% to N1,557.65 per dollar, recording the most important proportion motion among the many reported tenors.
Nairametrics had earlier reported that the currency weakened from N1,329.50 per dollar on the finish of September to roughly N1,346 per dollar by October 30.
The newest FX figures due to this fact present an additional modest depreciation within the naira, even as dollar trading volumes declined considerably.
Analysts count on relative Naira stability:
Analysts count on the naira to stay comparatively secure within the close to time period, though they recognized dangers that would restrict additional appreciation.
Cordros Securities based its outlook on Nigeria’s foreign exchange reserves and continued present account surplus, whereas cautioning that adjustments in home yields and international monetary situations may have an effect on portfolio funding flows.
- “We expect the naira to remain broadly stable around current levels in the near term,” Cordros Securities stated.
- Cowry Asset Management expects the naira to commerce inside a “relatively stable band.”
Cordros warned that decrease home yields or tighter international monetary situations may weigh on portfolio flows into Nigeria.
Cowry Asset Management additionally recognized sustained dollar demand, seasonal cost obligations and crude oil costs as elements that would restrict near-term naira appreciation.
Market consideration is predicted to shift in direction of the subsequent inflation report and the Monetary Policy Committee’s interest-rate resolution later in November.
This week, Treasury Bills maturities of N148.57 billion and Open Market Operations maturities of N774.53 billion are anticipated.
The mixed maturities quantity to roughly N923.10 billion and can kind a part of the liquidity developments monitored by market individuals. The course of the naira will stay delicate to international alternate demand, portfolio flows and broader monetary market situations.
