- …OMO bills, FX trades dominate
Nigeria’s fixed income and currency markets recorded a total turnover of N249.18 trillion between January and April 2026 on the FMDQ Exchange, indicates sustained liquidity across money market and foreign exchange segments.
Data released by the FMDQ Exchange showed that Open Market Operations (OMO) bills and foreign exchange (FX) transactions accounted for the bulk of activity during the period. OMO bills led with N80.42 trillion, followed closely by FX trades at N78.19 trillion, reflecting continued reliance on liquidity management instruments and strong demand for foreign currency.
Repurchase agreements (repos) also recorded significant volumes at N36.70 trillion, while Treasury bills and Federal Government of Nigeria (FGN) bonds posted turnovers of N21.86 trillion and N20.87 trillion, respectively.
FX derivatives contributed N9.61 trillion, indicating growing activity in risk management instruments. Eurobonds, unsecured placements, and Sukuk bonds recorded relatively modest volumes of N456.84 billion, N1.00 trillion, and N65.37 billion, respectively, while several asset classes including CBN special bills, commercial papers, and other bonds recorded no activity within the review period.
In dollar terms, total market turnover stood at $180.85 billion, with OMO bills ($58.40 billion) and FX trades ($56.76 billion) again dominating.
The exchange reported an average daily turnover of N3.24 trillion across 77 trading days, highlighting the depth and resilience of Nigeria’s financial markets despite macroeconomic pressures. Further insights from FMDQ Clear showed stable activity in the currency futures market.
A total of 6,255 contracts valued at $67.79 billion were traded and cleared in both March and April 2026, with all matured contracts settled within the same period. Meanwhile, FMDQ Depository Limited recorded a decline in fixed income clearing and settlement volumes in April compared to March. Sovereign fixed income trades processed dropped to N63.35 trillion in April from N187.63 trillion in March, while settled trades declined to N59.77 trillion from N169.47 trillion. Unsettled trades also fell sharply to N3.58 trillion, suggesting improved settlement efficiency.
In the non-sovereign segment, total trades processed declined significantly to N1.41 trillion in April from N18.92 trillion in March, indicating reduced activity in corporate and sub-national instruments. During the period, the depository admitted several new instruments, including commercial papers and bonds from issuers such as MyCredit Investments Limited, Coleman Technical Industries Limited, Arco Worldwide Services Limited, and Veritasi Homes & Properties Plc, collectively valued in tens of billions of naira.
The dominance of OMO bills and FX transactions highlights persistent liquidity management by monetary authorities and strong hedging demand among market participants.
