May 21, (THEWILL) — The FMDQ Exchange recorded a total market turnover of ₦249.18 trillion between January and April 2026, reflecting sustained trading activity across Nigeria’s fixed income, foreign exchange, and money markets.
The figures, disclosed by the Group Chief Operating Officer of FMDQ Exchange, Ms. Tumi Sekoni, in the April edition of the Exchange’s Newsletter, showed that the market processed transactions worth about $180.85 billion during the four-month period.
The turnover represents an increase of ₦55.98 trillion compared with the ₦193.20 trillion recorded in the first quarter of 2026, indicating that April alone contributed nearly ₦56 trillion in additional market activity.
Across the 77 business days covered, average daily turnover stood at ₦3.24 trillion, equivalent to approximately $2.35 billion, slightly below the ₦3.27 trillion daily average recorded in Q1.
A major highlight of the report was the shift in market leadership from Foreign Exchange to Open Market Operation (OMO) Bills. OMO Bills emerged as the largest contributor to turnover with ₦80.42 trillion, accounting for 32.3 percent of total market activity, up from ₦59.45 trillion recorded at the end of Q1.
Analysts say the surge reflects the Central Bank of Nigeria’s continued use of open market operations to tighten liquidity and stabilise short-term interest rates.
Foreign Exchange transactions followed closely with ₦78.19 trillion, representing 31.4 percent of total turnover. Although FX volumes rose in absolute terms, its share of market activity declined as OMO transactions accelerated.
Repurchase Agreements and Open Repos contributed ₦36.70 trillion, while Treasury Bills and FGN Bonds jointly added ₦42.72 trillion.
The report also showed limited participation in longer-term instruments, with Eurobonds and Sukuk Bonds contributing just ₦522.21 billion combined. Several products, including Commercial Papers and CBN Special Bills, recorded zero turnover during the period.
With turnover already reaching ₦249.18 trillion in four months, the Exchange appears on track to surpass its 2025 full-year turnover of ₦676.71 trillion if current momentum is sustained.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
