FMDQ seven-month turnover reaches N426.5tn driven by FX and OMO transactions

This figure, detailed in the FMDQ Newsletter Edition 141 for July 2026, marks a significant increase from N249.18tn recorded in the first four months of the year, with an additional N177.3tn generated between May and July. The seven-month turnover already represents about 63 percent of the N676.71tn recorded for the entire 2025 financial year. This performance reflects increased activity across the FX, fixed-income, and money markets as banks and investors manage liquidity and seek returns amid elevated interest rates.

Foreign exchange transactions accounted for the largest share, generating N143.34tn 33.6 percent of total turnover, with FX derivatives adding N17.72tn, bringing the combined FX-related segments to N161.07tn 37.8 percent. OMO Bills followed with N126.35tn 29.6 percent, indicating sustained demand for short-term Central Bank of Nigeria instruments. Government debt instruments, including OMO bills, treasury bills, FGN bonds, and Sukuk, collectively generated approximately N202.55tn, making up about 47.5 percent of total FMDQ turnover.

Stanbic IBTC Bank was the largest dealing-member bank during this period, followed by First Bank of Nigeria and Coronation Merchant Bank. The top 10 dealing-member banks accounted for 75.27 percent of total market turnover, approximately N321.02tn,