FX trades drive FMDQ turnover to N60.77tn in January

FMDQ Group recorded an enormous whole turnover of N60.77tn for the month of January because the Nigerian monetary markets opened 2026 with a surge in liquidity.

The efficiency, detailed within the 136th version of the FMDQ Highlight publication, underscores a market more and more pushed by overseas alternate exercise and high-level institutional participation.

Information reveals a market closely weighted towards foreign money and short-term liquidity devices. Overseas Trade (Spot and Derivatives) remained the first engine of development, accounting for 31.81 per cent of the entire turnover. Shut behind was Repurchase Agreements, which contributed 23.15 per cent, whereas Open Market Operations Payments additionally noticed vital motion, recording over N19.33tn in turnover. In distinction, conventional FGN Bonds and Treasury Payments accounted for 7.48 per cent and seven.04 per cent of the market share, respectively.

A serious spotlight of the interval was the Lagos State Authorities’s landmark itemizing. The state authorised the itemizing of a N14.82bn five-year 16.00 per cent Sequence 3 Mounted Fee Inexperienced Bond alongside an enormous N230.00bn ten-year 16.25 per cent Sequence 4 Mounted Fee Bond.

On the company entrance, Accion Microfinance Bank quoted a N2.02bn Industrial Paper to help small companies, whereas different main gamers, together with UAC of Nigeria PLC, Citibank Nigeria, and Johnvents Industries, efficiently quoted CPs totalling over N100bn mixed.

The report highlighted the strategic course of the Trade and the dominant gamers throughout the ecosystem.

Commenting on the efficiency, the Group Chief Working Officer of FMDQ Group PLC, Ms Tumi Sekoni, said, “Market exercise remained regular in February 2026, supported by sturdy institutional participation and sustained operational effectivity. Because the 12 months progresses, we are going to proceed to collaborate intently with our stakeholders to deepen market liquidity and promote sustainable market development.”

The report additional famous that the highest ten Dealing Member (banks) accounted for 72.85 per cent (N44.27tn) of the general turnover, whereas the highest three alone accounted for 52.97 per cent of the secondary market turnover recorded by the highest ten.

Relating to the state’s intervention, the report added, “FMDQ Trade has authorised the itemizing of Lagos State’s Inexperienced Bond… in a landmark demonstration of its steadfast dedication to advancing Nigeria’s debt capital markets and selling sustainable finance.”

The aggressive panorama for January 2026 noticed Stanbic IBTC Bank Restricted, Coronation Merchant Bank Restricted, and First Bank of Nigeria Restricted emerge as the highest three most lively sellers. Their mixed dominance displays the extremely concentrated nature of the Nigerian secondary market, the place the highest ten gamers proceed to facilitate the overwhelming majority of commerce volumes.

As FMDQ Clear and FMDQ Depository proceed to stabilise clearing and settlement actions, the market seems poised for additional growth within the second quarter of 2026, significantly within the infrastructure and sustainable vitality sectors.