Nigeria's FMDQ turnover rises to N496.6tn in eight months on FX inflows
Nigeria’s fixed-income and foreign-exchange turnover on FMDQ Exchange climbed to N496.61 trillion in the first eight months of 2026, up N70.10 trillion from the end of July to the end of August alone. FX trading (spot and derivatives) made up N192.32 trillion (38.7%) of the total, while government securities contributed N230.27 trillion (46.4%), led by OMO bills at N146.93 trillion. The top 10 dealing member banks control 75.94% of market activity, with Stanbic IBTC, First Bank and Coronation Merchant together accounting for over half of that share.
More telling is the source of liquidity: the Central Bank’s Q1 2026 report shows autonomous foreign-exchange inflows—non‑bank channels such as oil exports, diaspora remittances and portfolio investment—reached US$21.15 billion, 67.5% of total FX inflows, while CBN‑mediated flows fell to US$10.20 billion. Oil exports drove US$13.01 billion, remittances US$5.30 billion and equity‑linked portfolio inflows US$6.03 billion.
This shift indicates the market is weaning off central‑bank intervention, signaling structural development. For investors, it highlights the growing importance of real‑sector export performance and diaspora flows in sustaining capital availability. The challenge remains converting this deep liquidity into credit for the real economy rather than speculative positioning.
Given the dominance of autonomous FX inflows, will you adjust your investment focus toward export‑linked sectors or diaspora‑driven opportunities, or rely on traditional bank‑mediated signals?