FMDQ Group kicked off 2026 with a record-breaking turnover of N60.77 trillion in January, reflecting heightened liquidity and strong institutional participation in Nigeria’s financial markets. The performance was highlighted in the 136th edition of the FMDQ Spotlight newsletter, underscoring a market increasingly driven by foreign exchange activities.
Data from the report shows that the market remains heavily weighted toward currency and short-term liquidity instruments. Foreign Exchange (Spot and Derivatives) led the growth, accounting for 31.81% of total turnover, followed by Repurchase Agreements at 23.15%, and Open Market Operations Bills with over N19.33 trillion in activity. Traditional FGN Bonds and Treasury Bills contributed smaller shares of 7.48% and 7.04%, respectively, highlighting a shift in investor focus toward faster, liquid instruments.
January also marked a significant milestone for Lagos State, which approved the listing of a N14.82 billion five-year 16% Series 3 Fixed Rate Green Bond alongside a N230 billion ten-year 16.25% Series 4 Fixed Rate Bond. On the corporate side, Accion Microfinance Bank issued a N2.02 billion commercial paper to support small businesses, while major players like UAC of Nigeria PLC, Citibank Nigeria, and Johnvents Industries collectively issued commercial papers totaling over N100 billion.
FMDQ’s report highlighted the dominance of key players in the market. The top ten dealing member banks accounted for 72.85% (N44.27 trillion) of total turnover, with the top three alone representing 52.97% of secondary market activity. Stanbic IBTC Bank, Coronation Merchant Bank, and First Bank of Nigeria Limited emerged as the most active dealers, reflecting a concentrated but highly efficient trading ecosystem.
Commenting on the results, Ms Tumi Sekoni, Group COO of FMDQ Group PLC, said, “Market activity remained steady in February 2026, supported by strong institutional participation and sustained operational efficiency. We will continue to collaborate with stakeholders to deepen market liquidity and promote sustainable growth.” With FMDQ Clear and FMDQ Depository stabilizing clearing and settlement, the Nigerian financial market is poised for further expansion, particularly in infrastructure and sustainable energy sectors, as the year progresses.
source: punch