Trading turnover on the FMDQ Exchange reached N551.23 trillion in the first nine months of 2026, equivalent to $403.08 billion, with foreign exchange and Open Market Operations (OMO) bills accounting for nearly two-thirds of market activity.
This is according to the FMDQ Exchange Market Turnover Report for January to September 2026, based on data available as of October 5 and analyzed by Nairametrics.
The report showed an average daily turnover of N3.03 trillion, or approximately $2.22 billion, across 182 business days, reflecting substantial trading activity in foreign exchange and money market instruments.
FX, OMO dominate FMDQ turnover:
Foreign exchange transactions accounted for the largest share of FMDQ turnover during the nine-month period, reaching N190.80 trillion, or 34.61% of the total. OMO bills followed with N163.42 trillion, representing 29.65%.
Together, the two segments generated N354.22 trillion, equivalent to 64.26% of overall trading turnover.
- Repos and open repos accounted for N75.60 trillion, or 13.71% of turnover.
- Federal Government of Nigeria bonds recorded N46.67 trillion, while Treasury bills contributed N45.74 trillion.
- FX derivatives generated N24.91 trillion, representing 4.52% of total transactions.
- Unsecured placements and takings recorded N2.71 trillion, while Eurobonds and Sukuk contributed N1.01 trillion and N380.42 billion, respectively.
- OMO turnover was approximately 3.57 times Treasury bill turnover and about 3.5 times the value recorded for FGN bonds.
- Foreign exchange and FX derivatives together accounted for N215.71 trillion, or 39.13% of the market.
- When repos are included, FX and OMO transactions collectively represented 77.97% of total turnover.
The figures show that FMDQ trading activity remained heavily concentrated in foreign exchange transactions and short-term money market instruments.
September adds N54.6 trillion turnover:
Nairametrics reported in September that FMDQ turnover reached N496.61 trillion in January to August, with FX and OMO also leading. The latest report builds on the N496.61 trillion turnover recorded between January and August 2026.
Comparing the two cumulative reports indicates that approximately N54.6 trillion in additional turnover was recorded in September, although the estimate remains subject to possible data adjustments by FMDQ.
- Foreign exchange turnover increased by approximately N19.4 trillion between the two reports.
- OMO turnover rose by about N16.5 trillion over the same period.
- FMDQ’s weekly foreign exchange data showed a September bank-client turnover of approximately $10.80 billion, with spot transactions accounting for 94.77%.
- The week ended September 11 recorded the highest weekly bank-client FX turnover during the month at $3.39 billion.
- Average daily turnover during the nine-month period stood at approximately N1.05 trillion for FX and N897.92 billion for OMO bills.
- Repos averaged N415.36 billion daily, compared with N256.41 billion for FGN bonds and N251.32 billion for Treasury bills.
However, OMO turnover measures transaction values rather than outstanding securities or liquidity withdrawn from the financial system.
Ten Banks dominate FMDQ trading:
Trading activity was also concentrated among a relatively small number of dealing member banks. Stanbic IBTC Bank ranked first in FMDQ’s league table, followed by First Bank of Nigeria and Coronation Merchant Bank.
The ten leading banks accounted for N415.85 trillion, representing 75.44% of total market turnover during the period.
- The three highest-ranked banks collectively recorded N235.55 trillion, or approximately 42.73% of overall turnover.
- Their combined transactions represented 56.64% of turnover among the top ten banks.
- The remaining seven banks in the top ten accounted for approximately N180.30 trillion.
- Banks outside the top ten recorded about N135.38 trillion, representing 24.56% of market turnover.
- The three leading banks therefore handled approximately N55 trillion more in transactions than the other seven banks in the top ten combined.
- The report does not provide individual turnover figures for the three leading banks or identify which instruments accounted for their respective rankings.
- Importantly, the N551.23 trillion turnover figure represents the value of market transactions, not fresh capital raised or new investment entering the financial system.
The dollar equivalent is based on FMDQ’s average exchange rate of N1,367.68/$ and does not mean that all transactions were denominated in dollars. Overall, the report highlights the dominance of foreign exchange and OMO instruments in FMDQ trading, alongside substantial concentration of dealing activity among the largest banks.