‎FMDQ records ₦551.23 trillion turnover in nine months

· ‎FMDQ Exchange turnover reached ₦551.23 trillion between January and September 2026, with FX trading taking 39.13 per cent.
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· ‎Stanbic IBTC, First Bank and Coronation Merchant Bank led the dealing member banks league table.
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· ‎CapitalSage’s ₦45.12 billion commercial papers and five other issuances were admitted in September.
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‎Trading on the FMDQ platforms reached ₦551.23 trillion in the first nine months of 2026, according to the September edition of FMDQ Group’s Spotlight newsletter, sighted by Confiance News. The figure is equivalent to $403.08 billion and was recorded over 182 business days, which works out to an average daily turnover of about ₦3.03 trillion, or roughly $2.2 billion.
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‎The data, which the newsletter says was drawn from the FMDQ Data Portal as at October 5, 2026, is based on an average year-to-date exchange rate of ₦1,367.68 to the dollar. FMDQ noted that the figures may change because of adjustments from dealing member banks and the Central Bank of Nigeria.
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‎FX, OMO bills dominate market activity
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‎Foreign exchange trading, covering spot FX and FX derivatives, accounted for the largest share of turnover at 39.13 per cent. Open Market Operations (OMO) bills followed at 29.65 per cent, while repurchase agreements, commonly called repos, contributed 13.71 per cent.
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‎Further down the table, bonds accounted for 8.72 per cent, Treasury bills for 8.30 per cent, and unsecured placements and takings for 0.49 per cent. Confiance News gathered that spot FX alone stood at about ₦190.80 trillion, while OMO bills reached ₦163.42 trillion.
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‎Three banks lead the league table
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‎FMDQ named Stanbic IBTC Bank Limited, First Bank of Nigeria Limited and Coronation Merchant Bank Limited as the top three dealing member banks for the period. Collectively, the top ten banks handled 75.44 per cent of overall turnover, or ₦415.85 trillion.
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‎Within that group, the leading three accounted for 56.64 per cent (₦235.55 trillion) of the secondary market turnover recorded by the top ten. The numbers point to a market where activity is heavily concentrated among a handful of institutions.
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‎Weekly FX data shows sharp swings in September
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‎The newsletter also carried an FX analysis for September, reflecting trades between dealing member banks, authorised dealers and their clients. Total FX turnover for the month stood at $10,799.94 million, made up of $10,235.31 million in spot trades and $564.63 million in derivatives.
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‎Activity was uneven from week to week. Turnover fell 21.38 per cent to $2,414.85 million in the week ended September 4, then jumped 40.45 per cent to $3,391.64 million in the week ended September 11. It dropped again by 30.23 per cent the following week before recovering by 11.02 per cent to $2,627.15 million in the week ended September 25.
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‎Six commercial paper issuers gain admission
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‎On the primary market side, FMDQ Exchange approved the quotation of CapitalSage Technology Limited’s ₦45.12 billion commercial papers (CPs). The issuance covers ₦4.29 billion Series 1, ₦3.33 billion Series 2 and ₦37.50 billion Series 3, all under the company’s ₦75.00 billion CP Issuance Programme.
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‎According to the document, the approval came from the Exchange’s Board Listings and Markets Committee. FMDQ said it reinforces the Exchange’s role as a trusted platform for short-term capital market financing.
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‎Other admissions obtained by Confiance News include:
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· ‎Precise Lighting Limited: ₦0.92 billion each for Series 9 and 10, under a ₦3.50 billion programme.
· ‎GLNG Funding SPV PLC: ₦24.01 billion across Series 3 to 6, under a ₦30.00 billion programme.
· ‎Wemy Industries Limited: ₦1.40 billion Series 2, under a ₦5.00 billion programme.
· ‎CIG Motors Limited: ₦3.90 billion Series 2 (Tranche A) and ₦43.63 billion Series 2 (Tranche B), under a ₦100.00 billion programme.
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‎FMDQ Depository, FMDQ Clear post new figures
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‎At FMDQ Depository, three issuers had securities lodged during the period: TrustBanc Holdings Limited (₦40.66 billion, Series 1 to 4), CapitalSage (₦45.12 billion, Series 1 to 3) and GLNG Funding SPV PLC (₦6.13 billion Series 5 and ₦3.87 billion Series 6).
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‎Non-sovereign fixed income trades processed and settled rose from ₦3.28 billion in August to ₦7.4 billion in September, an increase of 125.61 per cent. Sovereign unsettled trades, which stood at ₦32.80 billion in August, were nil in September.
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‎Meanwhile, FMDQ Clear reported 6,255 traded and cleared currency futures contracts valued at $67.787 billion for both August and September. The newsletter listed the change as not applicable, so readers may want to confirm those figures with FMDQ.
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‎Green finance and financial literacy take the spotlight
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‎Beyond the numbers, FMDQ used the edition to push sustainability. The Product Spotlight explained green bonds, while the Q-Learning segment covered ESG investing in the Nigerian capital market. The Term of the Month defined a green taxonomy as a classification system for activities that qualify as environmentally sustainable.
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‎In addition, the Group hosted students from Obafemi Awolowo University, the University of Lagos and James Hope University, Lagos, at Exchange Place in September. The session, held under its FMDQ-Next programme, marked the 2026 International Literacy Day.
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‎GOLD Awards set for November 6
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‎Looking ahead, FMDQ Group will hold the 9th edition of its GOLD Awards on Friday, November 6, 2026. Winners will be announced by publication across the Group’s media channels, and the awards recognise excellence in the fixed income, currencies and derivatives markets.
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‎In her welcome note, Group Chief Operating Officer Ms. Tumi Sekoni said the month’s activities underscore the Group’s commitment to deepening Nigeria’s financial markets.
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