FMDQ Reports N60.77tn Turnover Driven by FX Trades

In January 2026, FMDQ Group recorded a total turnover of N60.77 trillion in the Nigerian financial market, with foreign exchange activities being the primary driver. The data indicated that currency short-term liquid instruments and foreign exchange spot derivatives accounted for 31.81% of the total turnover, while repurchase agreements contributed 23.15%.

The open market operations bill saw significant activity, recording N19.33 trillion in turnover. In contrast, traditional FGN bonds and treasury bills accounted for 7.48% and 7.04% of market share, respectively.

A notable highlight was Lagos State's approval for a landmark issuance of N14.82 billion in a five-year 16.00% Series 3 fixed-rate green bond and a massive N230.00 billion ten-year 16.25% Series 4 fixed-rate bond. The report emphasized the importance of institutional participation in sustaining market efficiency, with Ms. Tumi Sekoni, Chief Operating Officer of FMDQ Group, commenting on the steady market activity expected in February 2026.