FX TURNOVER BOOM AND STOCK MARKET RESILIENCE
LAGOS — Domestically, Nigeria's financial ecosystem recorded a week of historic trading volume, regulatory milestones, and key fiscal adjustments ahead of a crucial Q3 rollout.
Liquidity Flood: FX Trading Jumps 22%
Activity in the Nigerian Autonomous Foreign Exchange Market (NAFEM) experienced an aggressive liquidity surge. The Weekly FX Turnover Report published by FMDQ Securities Exchange for the week ended June 26, 2026, revealed that combined market turnover hit a staggering $2.84 billion.
The Drivers: The week-on-week increase of $512.37 million was anchored by a 21.2% rise in Spot transactions, closing out at $2.77 billion. The Derivative Surge: The most explosive movement occurred in FX Derivatives, which witnessed a 77.2% spike (climbing from $36.14 million to $64.04 million), driven entirely by corporate hedging via FX Forwards. The market’s daily throughput averaged a robust $567.09 million, signaling a strong stabilization in institutional dollar inflows.
Bourses Defy the N10 Trillion Sell-Off
The Nigerian Exchange Limited (NGX) underwent a severe June correction, shed nearly N10 trillion in market capitalization as institutional portfolio managers aggressively locked in profits following a historic multi-month rally.
Yet, in a striking display of structural strength, data from African Markets confirmed that Nigeria remains Africa's top-performing equity market. Year-to-date, the NGX has delivered an astonishing 59.5% return in US dollar terms (and 51.1% in local currency terms), comfortably outpacing Ghana (57.7%) and Zimbabwe (40.5%) to maintain the continental crown for the third consecutive week.
Policy Countdown: The Green Tax Surcharge
Ahead of its official implementation deadline on July 1, 2026, the Nigeria Customs Service (NCS) spent the last seven days conducting intensive sensitization campaigns across major maritime hubs, including the Apapa Area Command.
The impending Green Tax Surcharge and Related Fiscal Adjustments policy introduces a specialized tariff framework distinct from conventional customs duties. It targets carbon emission reductions by applying steep surcharges to older, high-emission vehicles while giving fiscal preferences to cleaner imports—marking Nigeria's most aggressive economic pivot toward global environmental standards to date.
