FX, OMO push FMDQ seven-month turnover to N426.5tn

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Trading activity on the FMDQ Exchange reached N426.51tn between January and July 2026, as strong foreign exchange transactions and demand for Open Market Operations bills drove activity across Nigeria’s financial markets.

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The figure is contained in the FMDQ Newsletter Edition 141 for July 2026.

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It represents a sharp increase from the N249.18tn recorded in the first four months of the year. Between May and July alone, an additional N177.3tn was recorded.

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The seven-month turnover is already about 63 per cent of the N676.71 trillion recorded for the entire 2025 financial year.

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The latest performance reflects increased activity across the FX, fixed-income and money markets as banks and investors manage liquidity and seek returns in an environment of elevated interest rates.

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Foreign exchange transactions accounted for the largest share of FMDQ turnover during the period.

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FX trading generated N143.34tn, representing 33.6 per cent of total turnover. FX derivatives contributed another N17.72tn.

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Together, the two FX-related segments recorded N161.07tn, accounting for about 37.8 per cent of activity on the Exchange.

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OMO Bills followed with N126.35tn in turnover, representing 29.6 per cent of the total.

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The strong activity in OMO bills points to sustained demand for short-term CBN instruments as investors seek attractive yields and financial institutions manage liquidity.

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Meanwhile, government debt instruments remained a major source of activity during the seven-month period.

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OMO bills, treasury bills, FGN bonds and Sukuk collectively generated approximately N202.55tn, equivalent to about 47.5 per cent of total FMDQ turnover.

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Treasury bills accounted for N37.02tntn, while FGN Bonds contributed N38.84tn.

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Repurchase agreements and open repos recorded N59.3tn, while unsecured placements and takings added N2.66tn.

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Combined turnover from these money-market liquidity instruments stood at about N61.98tn.

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Eurobonds generated N930.47bn while Sukuk bonds recorded N330.60bn.

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FMDQ’s dealing-member activity was heavily concentrated among major financial institutions.

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Stanbic IBTC Bank ranked as the largest dealing-member bank between January and July, followed by First Bank of Nigeria and Coronation Merchant Bank.

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The top 10 dealing-member banks accounted for 75.27 per cent of total market turnover, equivalent to approximately N321.02tn.

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The three largest banks alone accounted for 52.27 per cent of the activity recorded by the top 10, representing about N169.40tn in transactions.

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The figures highlight the significant role of major banks in providing liquidity across Nigeria’s foreign exchange, fixed-income and money markets.

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