BREAKING: FMDQ turnover hits N426.51 trillion in seven months as OMO, FX drive activity

The FMDQ Exchange reported a remarkable total market turnover of N426.51 trillion ($310.18 billion) between January and July 2026, driven by robust foreign exchange transactions, Open Market Operations (OMO) activities, and other fixed-income instruments. According to the FMDQ Newsletter Edition 141 – July 2026, this seven-month period saw a significant acceleration from the N249.18 trillion turnover in the first quarter of 2026.

The figures underscore the ongoing dominance of foreign exchange and short-term liquidity instruments in Nigeria's financial markets, reflecting investors' focus on elevated yields and liquidity management amid elevated interest rates. Foreign exchange transactions constituted the largest single contributor, generating N143.34 trillion, or approximately 33.6% of total market activity.

The top 10 dealing-member banks accounted for 75.27% of the total turnover, amounting to roughly N321.02 trillion. Tumi Sekoni, Group Chief Operating Officer, emphasized FMDQ's commitment to advancing Nigeria's financial markets through market activities, product development, and knowledge-sharing initiatives. The turnover, generated across 143 business days, averaged approximately N2.98 trillion ($2.17 billion) per day.

OMO Bills, Treasury Bills, FGN Bonds, and Sukuk generated about N202.55 trillion, representing nearly 47.5% of the total turnover. Other market segments, including CBN Special Bills, Promissory Notes, Commercial Papers, and various Bonds, recorded no turnover, indicating sustained preference for government-backed fixed-income instruments as investors chase higher yields.

The figures suggest intensified trading activity in 2026, particularly across FX and policy-linked fixed-income instruments. The dominance of FX and short-term liquidity instruments mirrors the market structure observed in 2025, when these instruments accounted for the bulk of FMDQ's annual turnover. With accelerated market activity compared to the first four months of 2026, FMDQ has already achieved approximately 63% of the N676.71 trillion turnover recorded in 2025, positioning the Exchange on track for another strong annual performance.