The FMDQ Exchange recorded a total market turnover of N249.18 trillion between January and April 2026, equivalent to approximately $180.85 billion, as trading activity remained robust across fixed income and currency markets.
This is according to the Group Chief Operating Officer, Ms. Tumi Sekoni, who disclosed the figures in the April edition of the Exchange’s News Letter, Edition 138.
The four-month figure represents an increase of N55.98 trillion over the N193.20 trillion recorded in the first quarter (Q1) of 2026 alone.
This indicates that April contributed approximately N55.98 trillion in additional turnover — broadly consistent with the average daily run rate seen across the period.
The cumulative performance was achieved over 77 business days, translating to an average daily turnover of N3.24 trillion, or about $2.35 billion — marginally lower than the N3.27 trillion daily average recorded in Q1 2026.
What the data is saying:
A breakdown of trading activity shows a notable shift in market leadership, with OMO Bills displacing Foreign Exchange as the biggest contributor to turnover by the end of April, reversing the ranking seen at the close of the first quarter.
- OMO Bills led market activity with N80.42 trillion, accounting for approximately 32.3% of total turnover — up from the N59.45 trillion and 30.8% share recorded at the end of Q1 2026.
- This underscores the Central Bank of Nigeria’s intensified use of open market operations as a liquidity management tool.
- Foreign Exchange followed with N78.19 trillion, representing 31.4% of total turnover, compared to N63.49 trillion and a 32.9% share in Q1.
- Although FX volumes grew in absolute terms, its relative share of total market activity slipped as OMO Bills accelerated.
- Combined, OMO Bills and FX accounted for roughly 63.7% of total turnover across the four-month period — virtually unchanged from the 63.6% they jointly contributed in Q1 2026, reinforcing their dominant structural role in the market.
- Repurchase Agreements and Open Repos ranked third with N36.70 trillion, representing 14.7% of turnover, consistent with the 14.7% share recorded in Q1.
- Treasury Bills and FGN Bonds contributed N21.86 trillion and N20.87 trillion respectively, together adding approximately N42.72 trillion to total turnover — up from N16.82 trillion and N15.62 trillion at the end of Q1.
- FX Derivatives accounted for N9.61 trillion, while Unsecured Placements and Takings contributed N1.00 trillion.
Eurobonds and Sukuk Bonds jointly added approximately N522.21 billion, reflecting continued but limited participation in longer-tenor instruments.
More insights:
The acceleration in OMO Bills turnover between Q1 and the end of April points to a deliberate CBN posture of sustained liquidity tightening, as the apex bank continued deploying open market operations to manage system liquidity and anchor short-term rates.
- The consistent share of repo activity across both periods suggests that financial institutions maintained elevated short-term funding needs throughout the four months, a pattern typically associated with tight interbank liquidity conditions.
- The implied exchange rate derived from the aggregate naira and dollar figures — approximately N1,378 per dollar — offers a useful benchmark of the prevailing FX market rate embedded in FMDQ’s reported turnover during the period.
Several product categories, including CBN Special Bills, Promissory Notes, Commercial Papers, and Money Market Derivatives, recorded zero turnover across the entire four-month period, highlighting the continued narrowness of active participation beyond core instruments.
What you should know:
The January-to-April 2026 performance builds on a strong full-year outing in 2025, when the FMDQ Exchange recorded a total turnover of N676.71 trillion.
- At the current four-month run rate of N249.18 trillion, the market is on pace to potentially surpass the 2025 full-year figure if trading momentum is sustained through the remainder of the year.
- FX and short-term liquidity instruments were also the dominant drivers of FMDQ’s 2025 full-year turnover reinforcing a structural pattern that has now persisted across multiple reporting periods.
The shift in dominance from FX to OMO Bills between Q1 and the end of April is particularly noteworthy, as it reflects the CBN’s continued reliance on open market operations as its primary tool for liquidity management, a trend analysts expect to persist in the near term given persisting liquidity surge.
