FMDQ turnover rises sharply on FX and OMO trading
FMDQ Exchange reported a total turnover of N426.51tn between January and July 2026, driven by strong foreign exchange transactions and demand for Open Market Operations bills. According to the FMDQ Newsletter Edition 141 for July 2026, this marks a significant increase compared to earlier months. Major banks such as Stanbic IBTC Bank, First Bank of Nigeria, and Coronation Merchant Bank played a leading role in market activity. The data underscores the importance of FX, fixed-income, and money market instruments in Nigeria’s financial sector.
TLDR
- FMDQ turnover reached N426.51tn between January and July 2026, up from N249.18tn in the first four months.
- FX trading generated N143.34tn, with FX derivatives adding N17.72tn; together, these accounted for about 37.8% of total turnover.
- OMO bills contributed N126.35tn, while government debt instruments (including OMO, treasury bills, FGN bonds, and Sukuk) totaled approximately N202.55tn.
- The top 10 dealing-member banks, led by Stanbic IBTC Bank, accounted for 75.27% of market turnover, or about N321.02tn.
- The three largest banks were responsible for 52.27% of the top 10’s activity, totaling around N169.40tn in transactions.
