The FMDQ Securities Exchange has recorded a sharp 67% drop in trading volumes after the Central Bank of Nigeria (CBN) redirected most of its foreign exchange transactions to its own internal platform. This shift has significantly reduced activity on FMDQ, raising concerns among market operators about transparency and liquidity.

Analysts argue that the move by the CBN may weaken investor confidence as it centralizes forex trading away from an independent platform. They warn that the decline in trading volume could hurt market efficiency and reduce Nigeria’s attractiveness to foreign investors at a time when capital inflow is badly needed.

Meanwhile, stakeholders have urged the CBN to adopt a more balanced approach that allows both its internal system and FMDQ to complement each other. They emphasized that maintaining a transparent, competitive market is key to stabilizing the naira and restoring trust in Nigeria’s financial system.