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By Chinwendu Obienyi
Nigeria’s financial markets recorded robust activity in 2025, with total turnover reaching an impressive N676.71 trillion, according to the latest newsletter report released by FMDQ Group revealed at the weekend.
The data, covering the period from January to December 2025, highlighted the dominant role of foreign exchange (FX) transactions in driving overall market performance.
According to the report, trading activities in the FX market, comprising Spot FX and FX Derivatives, emerged as the largest contributor, accounting for 42.68 per cent of total market turnover, underscoring the continued strategic importance of the foreign exchange segment within Nigeria’s financial ecosystem and reflecting heightened demand for currency transactions and risk management instruments amid evolving macroeconomic conditions.
Beyond FX transactions, money market instruments also played a substantial role in shaping overall activity levels. Repurchase Agreements (Repos) accounted for 24.67 per cent of the total turnover, reaffirming their significance as a liquidity management tool among market participants.
Transactions in Open Market Operation (OMO) Bills followed closely, contributing 20.55 per cent. Together, Repos and OMO Bills represented over 45 per cent of total market turnover, highlighting strong participation in short-term liquidity and fixed income instruments.
Other segments of the market contributed more modestly but remained important components of the overall trading landscape. Treasury Bills accounted for 6.50 per cent of turnover, while Bonds contributed 5.51 per cent. Unsecured Placements and Takings represented 0.09 per cent of total transactions during the review period.
Commenting on the performance, Tumi Sekoni, Group Chief Operating Officer of FMDQ Group PLC, stated that 2026 has begun on a positive trajectory for the Nigerian financial markets.
She noted that there has been encouraging levels of activity and renewed institutional participation across the fixed income and money markets in January, suggesting sustained momentum following the strong performance recorded in 2025.
According to Sekoni, these early indicators reflect growing confidence in Nigeria’s market infrastructure and resilience. She reaffirmed the Group’s commitment to enhancing transparency, strengthening governance, improving operational efficiency, deepening market liquidity, and promoting sustainable market growth.
Through its subsidiaries; FMDQ Securities Exchange Limited, FMDQ Clear Limited, and FMDQ Depository Limited, the Group continues to deliver efficient price discovery, robust risk management frameworks, and reliable post-trade settlement services. These functions collectively underpin market integrity and support investor confidence. Sekoni said, “As the year unfolds, the Group plans to deepen collaboration with regulators and other stakeholders to further advance Nigeria’s financial markets. With FX transactions maintaining our leadership position and money market instruments demonstrating sustained relevance, the 2025 performance signals both resilience and opportunity within the country’s evolving financial landscape”.
The N676.71 trillion turnover not only reflects scale but also illustrates the increasing sophistication and dynamism of Nigeria’s fixed income, currency, and derivatives markets, setting a strong foundation for continued growth in 2026.
