Trading turnover on the FMDQ Exchange reached N551.23 trillion in the first nine months of 2026, equivalent to $403.08 billion, with foreign exchange and Open Market Operations (OMO) bills accounting for nearly two-thirds of market activity.
This is according to the FMDQ Exchange Market Turnover Report for January to September 2026, based on data available as of October 5 and analyzed by Nairametrics.
The report showed an average daily turnover of N3.03 trillion, or approximately $2.22 billion, across 182 business days, reflecting substantial trading activity in foreign exchange and money market instruments.
Foreign exchange transactions accounted for the largest share of FMDQ turnover during the nine-month period, reaching N190.80 trillion, or 34.61% of the total. OMO bills followed with N163.42 trillion, representing 29.65%.
Together, the two segments generated N354.22 trillion, equivalent to 64.26% of overall trading turnover.
The figures show that FMDQ trading activity remained heavily concentrated in foreign exchange transactions and short-term money market instruments.
Nairametrics reported in September that FMDQ turnover reached N496.61 trillion in January to August, with FX and OMO also leading. The latest report builds on the N496.61 trillion turnover recorded between January and August 2026.
Comparing the two cumulative reports indicates that approximately N54.6 trillion in additional turnover was recorded in September, although the estimate remains subject to possible data adjustments by FMDQ.
However, OMO turnover measures transaction values rather than outstanding securities or liquidity withdrawn from the financial system.
Trading activity was also concentrated among a relatively small number of dealing member banks. Stanbic IBTC Bank ranked first in FMDQ’s league table, followed by First Bank of Nigeria and Coronation Merchant Bank.
The ten leading banks accounted for N415.85 trillion, representing 75.44% of total market turnover during the period.
The dollar equivalent is based on FMDQ’s average exchange rate of N1,367.68/$ and does not mean that all transactions were denominated in dollars. Overall, the report highlights the dominance of foreign exchange and OMO instruments in FMDQ trading, alongside substantial concentration of dealing activity among the largest banks.
