.
The FMDQ Exchange recorded a total market turnover of ₦426.51 trillion ($310.18 billion) between January and July 2026, as heightened activity in foreign exchange, Open Market Operations (OMO) bills and other fixed-income instruments drove trading across Nigeria’s financial markets.
The latest figures, contained in the FMDQ Exchange July 2026 market turnover data, show a sharp acceleration in activity compared with the ₦249.18 trillion recorded between January and April. About ₦177.33 trillion was added during the subsequent three months.
At the current pace, the Exchange has already generated roughly 63% of the ₦676.71 trillion turnover recorded throughout 2025.
FX Remains the Biggest Driver
Foreign exchange transactions accounted for the largest share of FMDQ activity during the seven-month period.
FX transactions generated ₦143.34 trillion ($104.27 billion), representing approximately 33.6% of total turnover.
When FX derivatives are included, the combined FX-related turnover rises to ₦161.07 trillion ($117.19 billion), equivalent to about 37.8% of activity on the Exchange.
FX derivatives alone contributed ₦17.72 trillion ($12.91 billion) during the period.
The strong FX activity reflects the continued importance of currency-market transactions to Nigerian financial institutions and investors amid ongoing efforts to deepen the country’s foreign exchange market.
OMO Bills Maintain Strong Investor Demand
Open Market Operations bills were the second-largest individual contributor, generating ₦126.35 trillion ($91.89 billion) in turnover.
The figure represents approximately 29.6% of total FMDQ activity, underscoring the strong appetite for short-term Central Bank instruments.
The sustained OMO activity comes against a backdrop of elevated interest rates, with investors and financial institutions seeking attractive returns from short-duration instruments while managing liquidity.
Government Securities Account for Nearly Half of Turnover
Government-related debt instruments remained a major source of activity on the Exchange.
Combined turnover from OMO bills, Treasury Bills, FGN Bonds and Sukuk reached approximately ₦202.55 trillion, accounting for about 47.5% of total market turnover between January and July.
Within this category:
- Treasury Bills: ₦37.02 trillion
- FGN Bonds: ₦38.84 trillion
- OMO Bills: ₦126.35 trillion
- Sukuk: part of the broader government-related securities activity
The figures point to the continued dominance of fixed-income instruments in Nigeria’s financial markets, particularly as investors respond to prevailing interest-rate conditions.
Repo Market Adds ₦59.31tn
Repurchase agreements and open repos also recorded substantial activity, generating ₦59.31 trillion in turnover.
Unsecured placements and takings contributed another ₦2.66 trillion, bringing combined activity from these money-market liquidity instruments to approximately ₦61.98 trillion.
The figures highlight the importance of short-term funding markets to banks and other financial institutions managing liquidity requirements.
Trading Concentrated Among Major Banks
Activity on the Exchange was heavily concentrated among the leading dealing-member banks.
Stanbic IBTC Bank ranked as the most active dealing-member bank during the seven-month period, followed by First Bank of Nigeria and Coronation Merchant Bank.
The 10 most active dealing-member banks accounted for 75.27% of total FMDQ turnover, equivalent to approximately ₦321.02 trillion.
The top three banks alone represented 52.27% of the activity recorded by the top 10, or about ₦169.40 trillion.
The concentration highlights the significant role major financial institutions play in providing liquidity across Nigeria’s FX, fixed-income and money markets.
Daily Trading Averages ₦2.98tn
The ₦426.51 trillion turnover was generated across 143 business days, translating to average daily activity of approximately ₦2.98 trillion ($2.17 billion).
That average is higher than the ₦2.74 trillion daily average recorded across 247 business days in 2025, despite the current period covering less than a full year.
The acceleration suggests that trading activity has remained particularly strong in the FX and short-term fixed-income segments.
FMDQ Targets Deeper Market Development
FMDQ Group Chief Operating Officer Tumi Sekoni reaffirmed the group’s focus on strengthening Nigeria’s financial markets through market activities, product development and knowledge-sharing initiatives.
The Group said it remains committed to improving market efficiency, innovation and sustainable growth.
The latest turnover figures show that FX and short-term liquidity instruments continue to dominate Nigeria’s financial-market activity. However, the pace of trading also reflects broader investor responses to interest rates, liquidity conditions and developments in the naira market.
With seven months already accounting for nearly two-thirds of last year’s full-year turnover, FMDQ is on course for another strong year of market activity if current trading momentum is sustained through the remainder of 2026.
