First Ally leads money market funds at 21.17% yield as sector hits ₦6.9 trillion
First Ally Money Market Fund retained the top spot in Nigeria's October 2026 rankings with a 21.17% year-to-date yield, as the money market fund segment grew its net asset value to ₦6.90 trillion—a 5.05% jump from September's ₦6.56 trillion. SEC data reviewed by Nairametrics shows the segment now comprises 50 funds (Custodian MMF the latest entrant) and commands 68.31% of Nigeria's total mutual fund assets, which stood at ₦10.09 trillion as of October 30. Investor participation surged to 959,866 unitholders, up 5.47% from September.
Even with the CBN cutting the Monetary Policy Rate from 26.5% to 23% in September, money market funds continue delivering competitive returns for capital preservation. The top 10 funds collectively manage ₦241.97 billion (3.51% of segment assets). First Ally leads at 21.17% YTD (₦15.87B assets, 3,282 unitholders), followed by DLM at 20.47% and Coronation at 20.31%—the largest by assets at ₦126.28B with 24,716 unitholders. New entrant Custodian MMF debuted at sixth with 19.52%.
For context: ₦5 million invested in First Ally at year-start would have earned approximately ₦1.06 million. Coronation, despite a 0.80 percentage point yield drop from September, remains the most widely held top-10 fund. Only CardinalStone improved its YTD yield month-on-month among returning top-10 funds.
Three funds that featured in every 2026 monthly ranking dropped out: Comercio Partners, Greenwich Plus (which had a perfect nine-month streak), and Myrtle Nest.
With yields easing but still above 18.9% for the top 10, will you lock in current rates or wait for further MPR cuts to potentially shift the landscape?