FMDQ seven-month turnover hits N426.51tn as FX, OMO bills drive activity

Trading on the FMDQ Exchange reached N426.51tn between January and July 2026, driven by strong foreign exchange transactions and demand for Open Market Operations bills. The figure, from the FMDQ Newsletter Edition 141 for July 2026, marks a sharp jump from N249.18tn recorded in the first four months of the year.

Between May and July alone, turnover added N177.3tn. The seven-month total is already about 63 per cent of the N676.71tn recorded for the entire 2025 financial year.

FX transactions lead the market

Foreign exchange trading generated N143.34tn, representing 33.6 per cent of total turnover. FX derivatives added another N17.72tn. Combined, the two FX-related segments recorded N161.07tn, about 37.8 per cent of all activity on the exchange.

OMO Bills followed with N126.35tn, representing 29.6 per cent of the total. The strong activity points to sustained demand for short-term Central Bank of Nigeria instruments as investors seek attractive yields and banks manage liquidity.

Government debt and money market instruments

Government debt instruments remained a major source of activity. OMO bills, treasury bills, FGN bonds and Sukuk collectively generated about N202.55tn, equivalent to roughly 47.5 per cent of total FMDQ turnover.

Treasury bills accounted for N37.02tn, while FGN bonds contributed N38.84tn. Repurchase agreements and open repos recorded N59.3tn, while unsecured placements and takings added N2.66tn. Combined turnover from these money-market liquidity instruments stood at about N61.98tn.

Eurobonds generated N930.47bn, while Sukuk bonds recorded N330.60bn.

Big banks dominate activity

FMDQ dealing-member activity was heavily concentrated among major financial institutions. Stanbic IBTC Bank ranked as the largest dealing-member bank between January and July, followed by First Bank of Nigeria and Coronation Merchant Bank.

The top 10 dealing-member banks accounted for 75.27 per cent of total market turnover, equivalent to about N321.02tn. The three largest banks alone accounted for 52.27 per cent of the activity recorded by the top 10, representing about N169.40tn in transactions.

The figures highlight the significant role major banks play in providing liquidity across Nigeria’s foreign exchange, fixed-income and money markets. For the naira and Nigerian businesses, the sustained activity signals deeper market participation in a period of elevated interest rates, with investors actively positioning in short-term instruments and FX products.