Dele Oye: Naira Vulnerable Amid $4.4bn Week-Long FX Turnover, Alleges Dollarisation, Structural Weaknesses
- Claims Dangote’s temporary dollar pricing exposed how major firms can trigger FX shocks
- Seeks greater transparency, deeper reforms, long-term capital to strengthen market resilience
James Emejo in Abuja
Chairman, Alliance for Economic Research and Ethics (AERE), Hon. Dele Oye, has warned that the $4.4 billion Foreign Exchange (FX) turnover recorded in a single week, reveals underlying fragility of the currency market rather than proving its strength.
He said while the historic trading volume underscored the market’s ability to process large transactions, this should not be misconstrued as evidence of a deeper, more liquid or resilient FX market capable of withstanding economic shocks.
In a statement titled, “What a Record FX Week Really Reveals About Nigeria’s Market,” Oye cautioned policymakers against celebrating the milestone without addressing the structural weaknesses it exposed.
According to him, the FX market recorded $4.375 billion in combined spot and derivatives turnover in the week ended July 24, 2026—an 83.38 per cent jump from the $2.386 billion recorded in the preceding week and the first weekly turnover above $4 billion this year.
He, however, maintained that unusually high trading volumes