Lagos, Nigeria – Nigeria’s fixed income and foreign exchange market recorded a total turnover of N676.71 trillion on FMDQ Exchange between January and December 2025, reflecting sustained participation from banks, institutional investors, and monetary authorities.
Okay News reports that the transactions were executed over 247 business days, translating to an average daily turnover of N2.74 trillion. The data, published on FMDQ’s website, shows that short-term funding and monetary policy tools dominated overall market turnover, with foreign exchange and repurchase agreements accounting for the bulk of trading activity.
Foreign exchange transactions totalled N254.42 trillion, representing 42.68 percent of overall market turnover. Repurchase Agreements followed with N166.91 trillion, contributing 24.67 percent of total market activity. Open Market Operations Bills recorded N139.08 trillion, accounting for 20.55 percent of aggregate turnover. Together, foreign exchange transactions and repos accounted for more than N421 trillion, well above half of total market turnover, indicating that short-term liquidity recycling and currency transactions were the primary drivers of market activity in 2025.
Treasury Bills generated N44 trillion in turnover while Federal Government Bonds recorded N35.31 trillion in trades. Foreign Exchange Derivatives posted N34.42 trillion, reflecting hedging activity amid currency volatility. Eurobonds and Sukuk Bonds recorded N1.15 trillion and N815.76 billion respectively. The scale of Open Market Operations activity reflects continued liquidity sterilisation efforts and the central bank’s strong presence in managing system liquidity.
Tumi Sekoni, Group Chief Operating Officer of FMDQ Group Plc, highlighted the Exchange’s strategic direction for the year, emphasising collaboration and market development as key priorities. She said the organisation will deepen collaboration with regulators and stakeholders to strengthen governance, enhance market liquidity, and promote sustainable market growth. The turnover figures, based on trade submissions from dealing members, cover foreign exchange, treasury bills, money market instruments, bonds, and derivatives, excluding primary market auctions.
