BREAKING: FMDQ turnover hits N426.51 trillion in seven months as OMO, FX drive activity

The FMDQ Exchange recorded N426.51 trillion ($310.18 billion) in total market turnover between January and July 2026, driven by strong activity in foreign exchange transactions, Open Market Operations (OMO) Bills and other fixed-income and money market instruments.

This is according to the FMDQ Newsletter Edition 141 – July 2026, highlighting FMDQ Exchange Market turnover for January to July 2026, and obtained by Nairametrics on Tuesday, August 18, 2026.

The seven-month turnover represents a significant acceleration from the N249.18 trillion recorded between January and April 2026, with an additional N177.33 trillion generated over the subsequent three months.

The Exchange had recorded N676.71 trillion in total turnover for the full year 2025.

The latest figures underscore the continued dominance of FX and short-term liquidity instruments in Nigeria’s financial markets, as investors and financial institutions navigate elevated interest rates, liquidity management and currency-market activity.

What the data is saying:

Foreign exchange transactions remained the largest single contributor to FMDQ turnover during the seven-month period, generating N143.34 trillion ($104.27 billion), equivalent to approximately 33.6% of total market activity.

• FX derivatives added another N17.72 trillion ($12.91 billion), taking combined FX-related turnover to N161.07 trillion ($117.19 billion), or about 37.8% of total FMDQ activity.
• OMO Bills ranked as the second-largest individual contributor, recording N126.35 trillion ($91.89 billion) in turnover and accounting for approximately 29.6% of the market.
• The strong OMO activity reflects sustained investor’s appetite for short-term Central Bank instruments offering very attractive yields amid the prevailing high-interest-rate environment.

The activity chart of FMDQ dealing…