Trading activity on Nigeria's FMDQ Securities Exchange witnessed a significant slowdown in November 2025, with total turnover on the secondary market contracting sharply. The latest financial market data reveals a notable dip in trading volumes across key segments, highlighting shifting liquidity patterns among market participants.
Sharp Decline in Overall Market Activity
The total secondary market turnover for November 2025 stood at N54.64 trillion. This figure represents a substantial month-on-month decrease of 24.22%, which is equivalent to a drop of N17.46 trillion from the level recorded in October 2025. When viewed from a longer-term perspective, the November 2025 turnover also reflects a year-on-year decline of 7.44%, or N4.39 trillion less than the same period in the previous year.
Market activity during the month remained heavily concentrated in two core areas. The Foreign Exchange and Central Bank of Nigeria (CBN) Bills segments collectively accounted for 60.93% of the total secondary market turnover. This dominance underscores their continued pivotal role in the overall trading ecosystem on the FMDQ platform.
Spot Market and Segment Performance Analysis
Delving into the spot market, which covers all products traded, the total turnover for November 2025 was N52.87 trillion. This marked a month-on-month decline of 21.17%, or N14.20 trillion, from the N67.08 trillion recorded in October 2025. The moderation in spot market activity was driven by a dual weakness in two major segments.
The foreign exchange market experienced a particularly sharp contraction, with turnover falling by 51.19% over the month. This dramatic slide amounted to a reduction of N16.07 trillion. Simultaneously, the fixed income market saw its turnover ease by 8.19%, representing a decrease of N2.10 trillion.
These significant declines in the FX and fixed income markets were powerful enough to overshadow a strong performance in another area. The money market segment bucked the trend, recording impressive growth. Turnover in this segment rose by 39.45% on a month-on-month basis, an increase of N3.97 trillion. This surge was supported by heightened activity in repurchase agreements (repos) and buy-backs, as well as unsecured placements and takings. This trend points towards market participants actively engaging in short-term liquidity management strategies during the period.
Fixed Income Market Shows Subdued Trading
Focusing on the fixed income market, overall activity remained generally muted. The total turnover for this market segment eased to N23.53 trillion in November 2025. This represented an 8.19% (N2.10 trillion) decline from the N25.63 trillion recorded in October 2025.
The slowdown was broad-based, driven by reduced trading across most fixed income sub-product categories. However, there were two notable exceptions: Treasury Bills and Other Bonds, which both recorded increased activity during the month. In contrast, CBN Special Bills remained completely inactive throughout the review period.
Trading intensity indicators, which measure turnover relative to outstanding volumes, presented a mixed picture for fixed income. The intensity for Treasury Bills increased by 2.37%, rising from 0.25 to 0.26 in November 2025. This suggests improved trading relative to the available stock. Conversely, trading intensity for Federal Government of Nigeria (FGN) Bonds declined by 13.96%, falling by 0.02 to 0.12. This indicates weaker secondary market participation in longer-dated government securities during the period.
The collective data from the FMDQ report paints a clear picture of a month characterized by cautious trading and portfolio repositioning, with liquidity seeking refuge in short-term money market instruments amid broader market contractions.
