Performance analysis is carried out to evaluate Frequency-Hopping Optical Code Division Multiple Access (FH-OCDMA) in the presence of group velocity dispersion (GVD) and self-phase modulation (SPM). It is found that the system suffers higher power penalty as the dispersion increases. At a distance of 200-km the power penalty is reduced to 1dB for DSF and to approximately 7dB for SMF when SPM is included. The SMF without SPM suffers the highest power penalty of 6.7dB at 100-km and 9.5dB at 200-km.