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The FMDQ Exchange recorded N426.51 trillion ($310.18 billion) in total market turnover between January and July 2026, driven by strong activity in foreign exchange transactions, Open Market Operations (OMO) Bills and other fixed-income and money market instruments.
This is according to the FMDQ Newsletter Edition 141 – July 2026, highlighting FMDQ Exchange Market turnover for January to July 2026, and obtained by Nairametrics on Tuesday, August 18, 2026.
The seven-month turnover represents a significant acceleration from the N249.18 trillion recorded between January and April 2026, with an additional N177.33 trillion generated over the subsequent three months.
The Exchange had recorded N676.71 trillion in total turnover for the full year 2025.
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The latest figures underscore the continued dominance of FX and short-term liquidity instruments in Nigeria’s financial markets, as investors and financial institutions navigate elevated interest rates, liquidity management and currency-market activity.
What the data is saying:
Foreign exchange transactions remained the largest single contributor to FMDQ turnover during the seven-month period, generating N143.34 trillion ($104.27 billion), equivalent to approximately 33.6% of total market activity.
- FX derivatives added another N17.72 trillion ($12.91 billion), taking combined FX-related turnover to N161.07 trillion ($117.19 billion), or about 37.8% of total FMDQ activity.
- OMO Bills ranked as the second-largest individual contributor, recording N126.35 trillion ($91.89 billion) in turnover and accounting for approximately 29.6% of the market.
- The strong OMO activity reflects sustained investor’s appetite for short-term Central Bank instruments offering very attractive yields amid the prevailing high-interest-rate environment.
The activity chart of FMDQ dealing members shows that market activity was heavily concentrated among major financial institutions.
- Stanbic IBTC Bank Limited ranked as the leading dealing-member bank between January and July 2026, followed by First Bank of Nigeria Limited and Coronation Merchant Bank Limited.
The top 10 dealing-member banks accounted for 75.27% of total FMDQ turnover, equivalent to approximately N321.02 trillion.
- The top three banks alone accounted for 52.27% of the top 10 banks’ activity, representing approximately N169.40 trillion in transactions, which highlights the critical role played by major banks in providing liquidity across Nigeria’s FX, fixed-income and money markets.
The Group Chief Operating Officer, Tumi Sekoni, said the Group remains focused on advancing Nigeria’s financial markets through market activities, product development and knowledge-sharing initiatives. In the July edition of the Group’s newsletter, Sekoni reaffirmed FMDQ’s commitment to fostering market efficiency, innovation and sustainable growth.
Driving the numbers:
The N426.51 trillion turnover was generated across 143 business days, translating to average daily activity of approximately N2.98 trillion ($2.17 billion).
- The average daily turnover is higher than the N2.74 trillion recorded across 247 business days in 2025, when FMDQ generated N676.71 trillion for the full year.
- Government debt instruments collectively accounted for nearly half of the turnover, suggesting that Government securities remained a major source of activity on the FMDQ Exchange.
OMO Bills, Treasury Bills, FGN Bonds and Sukuk generated approximately N202.55 trillion, representing nearly 47.5% of total turnover during the period.
Breaking down the numbers according asset classes:
- Treasury Bills contributed N37.02 trillion ($26.94 billion)
- FGN Bonds recorded N38.84 trillion ($28.27 billion).
- Repurchase Agreements and Open Repos generated N59.31 trillion in turnover during the seven months, making them another major contributor to activity on the Exchange.
- Unsecured Placements and Takings contributed a further N2.66 trillion, taking combined money-market liquidity instruments to about N61.98 trillion.
- Eurobonds recorded N930.47 billion, while Sukuk Bonds generated N330.60 billion during the period.
Several other market segments, including CBN Special Bills, Promissory Notes, Commercial Papers, Other Bonds (including Agency, Sub-national, Corporate and Supranational Bonds) and Money Market Derivatives, recorded no turnover.
The stronger daily run rate suggests that trading activity has intensified in 2026, particularly across FX and policy-linked fixed-income instruments. The figures point to sustained preference for government-backed fixed-income instruments as investors chase elevated yields.
The dominance of FX and short-term liquidity instruments also mirrors the market structure observed in 2025, when FX transactions, repos and OMO Bills accounted for the bulk of FMDQ’s N676.71 trillion annual turnover.
More insights:
The latest figures show that FMDQ’s market activity has accelerated considerably since the Exchange reported N249.18 trillion turnover in the first four months of 2026.
At that stage, the Exchange had already recorded an increase of N55.98 trillion over the N193.20 trillion recorded in Q1 2026, with OMO Bills emerging as an increasingly important driver of activity.
By July, cumulative turnover had reached N426.51 trillion, meaning the Exchange generated approximately N177.33 trillion in additional activity between May and July.
At the current pace, the Exchange has already achieved about 63% of the N676.71 trillion turnover recorded during the entire 2025 financial year.
What you should know
The N426.51 trillion turnover recorded in seven months places FMDQ firmly on track for another strong annual performance, with activity already equivalent to about 63% of the full-year 2025 turnover.
FX remains the largest individual market segment, while OMO Bills have emerged as a major driver of activity as investors seek attractive short-term yields and the CBN continues to use Open Market Operations (OMO) to manage system liquidity.
The concentration of almost half of turnover in government securities further highlights the dominance of fixed-income assets in Nigeria’s financial markets in 2026.
With an average daily turnover of nearly N3 trillion, sustained activity through the remaining months of the year could put FMDQ on course for a substantial increase over its 2025 turnover.
