Nigeria's FX Market Surges to 2026 High as Dangote Refinery Reshapes Global Trade

Nigeria's foreign exchange market exploded to its highest weekly turnover of 2026, hitting $5.06 billion in the week ended August 21—a massive 146.12% surge from the previous week's $2.05 billion. The milestone, reported by FMDQ Exchange, signals a dramatic deepening of liquidity at a time when the naira-to-dollar corridor is seeing unprecedented activity.

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Behind the numbers lies a seismic shift in Nigeria's energy trade. The Dangote Refinery's colossal...