Nigeria’s fixed income and foreign exchange market recorded a total turnover of N676.71 trillion on FMDQ Exchange between January and December 2025.
This is according to information published on the website of FMDQ.
The transactions were executed over 247 business days, translating to an average daily turnover of N2.74 trillion and reflecting sustained participation from banks, institutional investors and monetary authorities.
The data further show that short-term funding and monetary policy tools dominated overall market turnover in 2025, with foreign exchange and repurchase agreements accounting for the bulk of trading activity.
What the data is saying
Total market turnover reached N676.71 trillion ($446.18 billion) across 247 business days, representing an average daily trade of N2.74 trillion.
The breakdown of transactions highlights the dominance of currency trades and short-term liquidity instruments.
- Foreign Exchange transactions totalled N254.42 trillion, representing 42.68% of overall market turnover.
- Repurchase Agreements (Repos) followed with N166.91 trillion, contributing 24.67% of total market activity.
- OMO Bills recorded N139.08 trillion, accounting for 20.55% of aggregate turnover.
- Bonds, Treasury Bills and Unsecured Placements & Takings accounted for 5.51%, 6.50% and 0.09% respectively.
Together, Foreign Exchange transactions and Repos accounted for more than N421 trillion, well above half of total market turnover, indicating that short-term liquidity recycling and currency transactions were the primary drivers of market activity in 2025.
More Insights
Open Market Operations Bills recorded N139.08 trillion in turnover, making them the third-largest traded instrument in the market.
The scale of OMO activity reflects continued liquidity sterilisation efforts and the central bank’s strong presence in managing system liquidity.
- Treasury Bills generated N44.00 trillion in turnover while Federal Government Bonds recorded N35.31 trillion in trades.
- Foreign Exchange Derivatives posted N34.42 trillion, reflecting hedging activity amid currency volatility.
- Eurobonds and Sukuk Bonds recorded N1.15 trillion and N815.76 billion respectively, while Promissory Notes amounted to N6.1 billion and Other Bonds N0.26 billion.
What they are saying
In a note accompanying the published review of transactions in 2025, Ms. Tumi Sekoni, Group Chief Operating Officer of FMDQ Group Plc, highlighted the Exchange’s strategic direction for the year. She emphasised collaboration and market development as key priorities.
- “As the year unfolds, we will deepen collaboration with regulators and stakeholders to strengthen governance, enhance market liquidity and promote sustainable market growth.”
- “We are grateful for the commitment, partnership and confidence of our stakeholders and remain optimistic about what we can achieve together, as we continue to advance the Nigerian financial markets.”
What you should know
The FMDQ publishes turnover data based on trade submissions from its Dealing Members.
- The turnover figures cover Foreign Exchange, Treasury Bills, Money Market instruments (including Repurchase Agreements, Buy-Backs and Unsecured Placements/Takings), Bonds (FGN Bonds and Other Bonds), as well as Foreign Exchange and Money Market Derivatives.
- The reported figures exclude primary market auctions in Treasury Bills, Bonds and Foreign Exchange.
- The data represent trades executed between Dealing Members, Dealing Members and Clients, and Dealing Members and the Central Bank of Nigeria.
