Nigeria’s foreign exchange market has recorded a sharp decline in trading activities, with turnover falling by 51.29 per cent to 1.81 billion dollars in the week ended November 6, 2026.

Data from FMDQ showed that the figure represents a drop from 3.71 billion dollars recorded in the preceding week, translating to a decline of about 1.9 billion dollars.

Average daily foreign exchange turnover also fell significantly to 361.67 million dollars from 742.51 million dollars.

The decline was largely driven by reduced activity in the spot market, where transactions dropped by 50.91 per cent to 1.79 billion dollars from 3.64 billion dollars.

Spot transactions accounted for 98.77 per cent of total foreign exchange turnover during the review period.

Forward transactions also recorded a sharper contraction, declining by 69.93 per cent to 22.20 million dollars from 73.83 million dollars in the previous week.

The development coincided with a marginal depreciation of the naira, which weakened by approximately 0.1 per cent to 1,349 naira per dollar.

Forward exchange rates also weakened across all reported maturities, with the one-year forward rate recording the largest movement.

Despite the decline in market activity, analysts expect the naira to remain relatively stable in the near term, supported by the country’s foreign exchange reserves and current account surplus.

Meanwhile, the domestic financial market is expected to receive a combined 923.10 billion naira from Treasury Bills and Open Market Operations maturities during the week, a development that could influence market liquidity and demand for foreign exchange.