Weekly FX turnover jumped 117% to $3.73bn by August 7. That split shows how heavily Nigeria’s formal FX market still depends on spot transactions, where currencies are bought or sold for near-immediate settlement. READ ALSO: $4.4bn FX Weekly Turnover Exposes Vulnerability of Nigeria’s Foreign Exchange Market – OyeSpot Trading Still DominatesAugust’s jump came after an unusually active period in the FX market. Nigeria’s FX market has also expanded considerably this year. For now, Nigeria’s FX market is showing two clear features at once.