Spot FX, OMO Trading Account for N318.36tn as Nigeria Market Turnover Hits N496.61tn

Trading in Nigeria’s foreign exchange and short-term monetary policy instruments dominated financial market activity in the first eight months of 2026 with Spot FX and Open Market Operations bills accounting for N318.36 trillion in transactions.

Latest data from FMDQ Securities Exchange showed that total secondary market turnover reached N496.61 trillion between January and August 2026, equivalent to about $361.96 billion.

The transactions were recorded across 162 business days, translating to average daily turnover of N3.07 trillion, or approximately $2.23 billion.

Spot foreign exchange emerged as the largest individual segment, recording N171.43 trillion in transactions during the period.

OMO bills followed closely with N146.93 trillion, highlighting the significant role of Central Bank of Nigeria liquidity-management operations in financial market activity during the year.

Together, the two segments accounted for about 64 percent of the N496.61 trillion traded across the market during the eight-month period.

When FX derivatives are included, foreign exchange-related activity rises further.

FX derivatives generated N20.89 trillion, taking combined Spot FX and FX derivatives turnover to approximately N192.32 trillion.

This means total FX-related transactions and OMO bills amounted to about N339.25 trillion, representing more than two-thirds of total FMDQ secondary market turnover between January and August.

The figures underline the concentration of trading activity in currency transactions and short-duration instruments as banks, investors and other market participants navigated changes in exchange rates, interest rates and banking-system liquidity.

Other segments of the market also recorded substantial activity.

Repurchase agreements and open repos generated N69.99 trillion, making the segment another major source of financial-market transactions during the period.

FGN bonds recorded N42.08 trillion in turnover, while Treasury bills accounted for N41.26 trillion.

Eurobond transactions stood at N965.19 billion, while Sukuk turnover amounted to N357.26 billion.

Unsecured placements and takings generated another N2.71 trillion.

The figures show that trading remained heavily tilted towards highly liquid instruments rather than longer-term securities.

Spot FX, FX derivatives, OMO bills, repos and Treasury bills collectively accounted for the overwhelming majority of activity recorded on the FMDQ platform.

The prominence of OMO transactions reflects the scale of monetary operations conducted as the CBN managed excess banking-system liquidity and sought to maintain control over monetary conditions.

OMO securities have also attracted significant investor demand because of the yields available on short-term central bank instruments during a period of restrictive monetary policy.

Foreign exchange activity, meanwhile, has remained central to Nigeria’s financial markets following reforms aimed at improving price discovery and increasing liquidity in the official currency market.

FMDQ’s figures represent secondary-market transactions reported by dealing members and include trades between banks, between banks and their clients, and transactions involving dealing members and the Central Bank of Nigeria.

The numbers therefore measure overall trading activity rather than the amount of new money entering the Nigerian economy.

They also exclude primary-market auctions in foreign exchange, Treasury bills and bonds.

Market activity has continued to accelerate during 2026.

FMDQ recorded cumulative turnover of N426.51 trillion in the first seven months of the year, meaning approximately N70.10 trillion in additional secondary-market transactions were recorded in August alone.

The latest N496.61 trillion figure is also equivalent to more than 73 percent of the N676.71 trillion recorded during the whole of 2025, with four months of 2026 activity still outside the reporting period.

At the average pace recorded between January and August, Nigeria’s financial markets remain positioned for another year of substantial transaction volumes.

However, the composition of the turnover is equally significant.

The concentration of activity in Spot FX and OMO bills shows that currency trading and central bank liquidity operations remain two of the most influential forces shaping Nigeria’s financial markets in 2026.