Na big news dey for Nigerian financial market as FMDQ Group record total turnover of N60.77 trillion for January 2026. This massive performance show say market don open 2026 with serious liquidity surge, according to the 136th edition of FMDQ Spotlight newsletter wey just come out.
Foreign Exchange activities remain the main engine wey dey drive this growth. Spot and Derivatives FX trades alone account for 31.81 percent of the total turnover. Repurchase Agreements follow with 23.15 percent contribution, while Open Market Operations Bills record over N19.33 trillion for the same period.
Traditional instruments like FGN Bonds and Treasury Bills take smaller shares of 7.48 percent and 7.04 percent respectively. This pattern show say market dey shift toward currency and short-term liquidity instruments.
One landmark event for January na Lagos State Government listing of two major bonds. Dem approve N14.82 billion five-year 16.00 percent Series 3 Fixed Rate Green Bond alongside N230.00 billion ten-year 16.25 percent Series 4 Fixed Rate Bond. This move dey demonstrate serious commitment to sustainable finance.
For corporate side, Accion Microfinance Bank quote N2.02 billion Commercial Paper to support small businesses. Other big players like UAC of Nigeria PLC, Citibank Nigeria, and Johnvents Industries successfully quote CPs wey total over N100 billion combined.
Ms Tumi Sekoni, Group Chief Operating Officer of FMDQ Group PLC, comment on the performance say: “Market activity remain steady for February 2026, supported by strong institutional participation and sustained operational efficiency. As the year dey progress, we go continue to collaborate closely with our stakeholders to deepen market liquidity and promote sustainable market growth.”
The report reveal say top ten Dealing Member banks account for 72.85 percent (N44.27 trillion) of the overall turnover. Even more concentrated, the top three banks alone account for 52.97 percent of secondary market turnover among the top ten.
Stanbic IBTC Bank Limited, Coronation Merchant Bank Limited, and First Bank of Nigeria Limited emerge as the three most active dealers for January 2026. Their dominance reflect how Nigerian secondary market dey concentrated among few major players.
FMDQ Exchange note say the Lagos State Green Bond listing na “landmark demonstration of its steadfast commitment to advancing Nigeria‘s debt capital markets and promoting sustainable finance.”
As FMDQ Clear and FMDQ Depository continue to stabilise clearing and settlement activities, market analysts predict further expansion for second quarter of 2026. Particular attention dey on infrastructure and sustainable energy sectors wey fit benefit from this liquidity surge.
The performance dey show how Nigerian financial markets dey evolve with increasing institutional participation and diversification of instruments. With foreign exchange trades leading the way, market watchers dey monitor how this trend go affect broader economic indicators for the rest of 2026.
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