FX, OMO push FMDQ seven-month turnover to N426.5tn

Nigeria's financial markets saw robust trading activity on the FMDQ Exchange, with turnover reaching N426.51 trillion in the first seven months of 2026. This surge, from January to July, was primarily fueled by substantial foreign exchange (FX) transactions and a high demand for Open Market Operations (OMO) bills, according to the FMDQ Newsletter Edition 141.

The seven-month figure marks a significant leap from the N249.18 trillion recorded in the first four months of the year, with an additional N177.3 trillion generated between May and July alone. This performance indicates that the current year-to-date turnover is already approximately 63% of the N676.71 trillion recorded for the entirety of 2025.

The increased activity underscores how banks and investors are actively managing liquidity and pursuing returns amidst elevated interest rates. FX trading was the dominant segment, contributing N143.34 trillion (33.6%) to the total turnover, with FX derivatives adding another N17.72 trillion. OMO bills followed closely, recording N126.35 trillion (29.6%), indicating sustained investor interest in short-term central bank instruments for attractive yields and liquidity management. Government debt instruments, including treasury bills, FGN bonds, and Sukuk, collectively generated N202.55 trillion, representing 47.5% of the total FMDQ turnover.

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Trading activity on the FMDQ Exchange reached N426.51tn between January and July 2026, as strong foreign exchange transactions and demand for Open Market Operations bills drove activity across Nigeria’s financial markets.