Trading turnover on the FMDQ Exchange reached N551.23 trillion in the primary nine months of 2026, equal to $403.08 billion, with international alternate and Open Market Operations (OMO) payments accounting for practically two-thirds of market exercise.
This is in keeping with the FMDQ Exchange Market Turnover Report for January to September 2026, based mostly on knowledge obtainable as of October 5 and analyzed by Nairametrics.
The report confirmed a median every day turnover of N3.03 trillion, or roughly $2.22 billion, throughout 182 enterprise days, reflecting substantial buying and selling exercise in international alternate and cash market devices.
FX, OMO dominate FMDQ turnover:
Foreign alternate transactions accounted for the most important share of FMDQ turnover through the nine-month interval, reaching N190.80 trillion, or 34.61% of the entire. OMO payments adopted with N163.42 trillion, representing 29.65%.
Together, the 2 segments generated N354.22 trillion, equal to 64.26% of total buying and selling turnover.
- Repos and open repos accounted for N75.60 trillion, or 13.71% of turnover.
- Federal Government of Nigeria bonds recorded N46.67 trillion, whereas Treasury payments contributed N45.74 trillion.
- FX derivatives generated N24.91 trillion, representing 4.52% of whole transactions.
- Unsecured placements and takings recorded N2.71 trillion, whereas Eurobonds and Sukuk contributed N1.01 trillion and N380.42 billion, respectively.
- OMO turnover was roughly 3.57 occasions Treasury invoice turnover and about 3.5 occasions the worth recorded for FGN bonds.
- Foreign alternate and FX derivatives collectively accounted for N215.71 trillion, or 39.13% of the market.
- When repos are included, FX and OMO transactions collectively represented 77.97% of whole turnover.
The figures present that FMDQ buying and selling exercise remained closely concentrated in international alternate transactions and short-term cash market devices.
September provides N54.6 trillion turnover:
Nairametrics reported in September that FMDQ turnover reached N496.61 trillion in January to August, with FX and OMO additionally main. The newest report builds on the N496.61 trillion turnover recorded between January and August 2026.
Comparing the 2 cumulative stories signifies that roughly N54.6 trillion in further turnover was recorded in September, though the estimate stays topic to potential knowledge changes by FMDQ.
- Foreign alternate turnover elevated by roughly N19.4 trillion between the 2 stories.
- OMO turnover rose by about N16.5 trillion over the identical interval.
- FMDQ’s weekly international alternate knowledge confirmed a September bank-client turnover of roughly $10.80 billion, with spot transactions accounting for 94.77%.
- The week ended September 11 recorded the very best weekly bank-client FX turnover through the month at $3.39 billion.
- Average every day turnover through the nine-month interval stood at roughly N1.05 trillion for FX and N897.92 billion for OMO payments.
- Repos averaged N415.36 billion every day, in contrast with N256.41 billion for FGN bonds and N251.32 billion for Treasury payments.
However, OMO turnover measures transaction values relatively than excellent securities or liquidity withdrawn from the monetary system.
Ten Banks dominate FMDQ buying and selling:
Trading exercise was additionally concentrated amongst a comparatively small variety of dealing member banks. Stanbic IBTC Bank ranked first in FMDQ’s league desk, adopted by First Bank of Nigeria and Coronation Merchant Bank.
The ten main banks accounted for N415.85 trillion, representing 75.44% of whole market turnover through the interval.
- The three highest-ranked banks collectively recorded N235.55 trillion, or roughly 42.73% of total turnover.
- Their mixed transactions represented 56.64% of turnover among the many prime ten banks.
- The remaining seven banks in the highest ten accounted for about N180.30 trillion.
- Banks outdoors the highest ten recorded about N135.38 trillion, representing 24.56% of market turnover.
- The three main banks due to this fact dealt with roughly N55 trillion extra in transactions than the opposite seven banks in the highest ten mixed.
- The report doesn’t present particular person turnover figures for the three main banks or establish which devices accounted for his or her respective rankings.
- Importantly, the N551.23 trillion turnover determine represents the worth of market transactions, not contemporary capital raised or new funding getting into the monetary system.
The greenback equal relies on FMDQ’s common alternate fee of N1,367.68/$ and doesn’t imply that every one transactions have been denominated in {dollars}. Overall, the report highlights the dominance of international alternate and OMO devices in FMDQ buying and selling, alongside substantial focus of dealing exercise among the many largest banks.
