FX Trades Push FMDQ Turnover to N60.77trn

Nigeria’s financial markets opened 2026 with strong momentum as FMDQ Group recorded a total turnover of ₦60.77tn in January, driven largely by foreign exchange activity.

According to the 136th edition of the FMDQ Spotlight newsletter, FX spot and derivatives accounted for 31.81% of turnover, while repurchase agreements (Repos) contributed 23.15%.

Open Market Operations (OMO) bills also saw heavy trading, with over ₦19.33tn in turnover.

Traditional instruments such as FGN Bonds (7.48%) and Treasury Bills (7.04%) played smaller roles, underscoring the market’s tilt toward short-term liquidity and currency trades.

A major highlight was the Lagos State Government’s listing of a ₦14.82bn five-year Green Bond and a ₦230bn ten-year Fixed Rate Bond, signalling growing interest in sustainable finance.

On the corporate side, Accion Microfinance Bank quoted a ₦2.02bn Commercial Paper to support SMEs, while firms like UAC Nigeria, Citibank Nigeria, and Johnvents Industries collectively quoted over ₦100bn in CPs.

FMDQ COO Tumi Sekoni said: “Market activity remained steady in February 2026, supported by strong institutional participation and sustained operational efficiency.”

She pledged deeper collaboration to expand liquidity and promote sustainable growth.

The report noted that the top ten dealing banks accounted for 72.85% (₦44.27tn) of turnover, with Stanbic IBTC, Coronation Merchant Bank, and First Bank of Nigeria emerging as the top three, reflecting the market’s concentrated structure.

With FMDQ Clear and Depository stabilising settlement activities, analysts expect further expansion in Q2 2026, particularly in infrastructure and sustainable energy financing.