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Banks and businesses traded a total of N215.71 trillion in foreign exchange (FX) spot and derivatives transactions between January and September 2026, accounting for 39.13 per cent of Nigeria’s financial market turnover of N551.23 trillion.
According to the latest newsletter of FMDQ Group Plc, the figure, which comprises N190.80 trillion recorded in the foreign exchange spot market and N24.91 trillion in FX derivatives, highlights the significant role of currency transactions in Nigeria’s financial markets during the nine-month period.
FX trading activities accounted for the largest share of total market turnover, ahead of other major financial instruments, including Open Market Operations (OMO) bills and repurchase agreements (Repos).
OMO bills recorded a turnover of N163.42 trillion during the period, representing 29.65 per cent of the total, while Repos accounted for N75.60 trillion, or 13.71 per cent.
The report showed that Federal Government of Nigeria (FGN) bonds recorded a turnover of N46.67 million while Treasury Bills accounted for N45.74 trillion. The two instruments represented 8.46 per cent and 8.30 per cent of total market turnover, respectively.
Furthermore, unsecured placements and takings recorded N2.71 trillion, accounting for 0.49 per cent of the total, while Eurobonds and Sukuk bonds recorded N1.01 trillion and N380.42 trillion, respectively.
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The figures indicate that FX spot and derivatives transactions, OMO bills and Repos were the three largest contributors to market turnover during the period, reflecting the scale of activity across currency trading and short-term funding instruments.
Commenting on the results, the firm’s group chief operating officer, Tumi Sekoni, stated that September was characterised by continued activity across its businesses and strategic initiatives, as the group sustained efforts to support the growth and development of Nigeria’s financial markets.
She added that activities during the month included securities admissions and quotations on the platforms of FMDQ Securities Exchange Limited and FMDQ Depository Limited, alongside clearing and settlement activities facilitated by FMDQ Clear Limited and FMDQ Depository.
“These activities formed part of our broader commitment to deepening Nigeria’s financial markets, strengthening stakeholder engagement and promoting more efficient, transparent and accessible market operations”, Sekoni said.
The report further showed that the market recorded an average daily turnover of approximately N3.03 trillion over the 182 business days covered during the January-to-September period.
The performance underscores the prominence of the foreign exchange market within Nigeria’s broader financial system, as FX spot and derivatives transactions maintained the largest combined share of turnover among the market segments tracked by FMDQ.
