FMDQ Records N426.51 Trillion Turnover in Seven Months
The FMDQ Securities Exchange reported a total turnover of N426.51 trillion in the first seven months of 2026, according to its latest market report. This figure represents trading activity across all products listed on the exchange from January to July.
The surge was primarily driven by Open Market Operations (OMO) and foreign exchange (FX) transactions, which together accounted for the bulk of the traded value. The report highlighted that OMO bills and FX contracts were the most actively traded instruments during the period.
OMO and FX Transactions Lead the Growth
Specifically, OMO bills contributed significantly to the total turnover, as the Central Bank of Nigeria continued to use OMO to manage liquidity in the banking system. FX transactions also saw heightened activity, reflecting increased demand for dollars amid economic reforms.
According to FMDQ data, the turnover in July alone was notable, with daily average trading values remaining robust. The exchange's fixed income and currency markets have been central to its performance, with corporate bonds and treasury bills also recording substantial volumes.
Market Participants React to the Development
Market analysts attribute the increased activity to improved investor confidence and policy clarity. "The rise in turnover is a positive sign for the Nigerian financial market," said a senior economist at a Lagos-based investment firm, who spoke on condition of anonymity. "It shows that both local and international investors are engaging more with our instruments."
The report also noted that the secondary market for government securities remained liquid, with yields stabilizing after an initial spike earlier in the year.
Implications for the Nigerian Economy
The high turnover has implications for the broader economy, as it enhances price discovery and provides better funding options for the government and corporations. Increased activity in the FX market is particularly important for businesses that rely on imported inputs.
Looking ahead, FMDQ expects continued growth, with the introduction of new products and the ongoing digitalization of trading platforms. The exchange aims to deepen the capital market and attract more participants, which could further boost turnover in the coming months.
