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Nigeria’s fixed income and foreign exchange market recorded a total turnover of N676.71 trillion on FMDQ Exchange between January and December 2025.

This is according to information published on the website of FMDQ.

The transactions were executed over 247 business days, translating to an average daily turnover of N2.74 trillion and reflecting sustained participation from banks, institutional investors and monetary authorities.

The data further show that short-term funding and monetary policy tools dominated overall market turnover in 2025, with foreign exchange and repurchase agreements accounting for the bulk of trading activity.

Total market turnover reached N676.71 trillion ($446.18 billion) across 247 business days, representing an average daily trade of N2.74 trillion.

The breakdown of transactions highlights the dominance of currency trades and short-term liquidity instruments.

Together, Foreign Exchange transactions and Repos accounted for more than N421 trillion, well above half of total market turnover, indicating that short-term liquidity recycling and currency transactions were the primary drivers of market activity in 2025.

Open Market Operations Bills recorded N139.08 trillion in turnover, making them the third-largest traded instrument in the market.

The scale of OMO activity reflects continued liquidity sterilisation efforts and the central bank’s strong presence in managing system liquidity.

In a note accompanying the published review of transactions in 2025, Ms. Tumi Sekoni, Group Chief Operating Officer of FMDQ Group Plc, highlighted the Exchange’s strategic direction for the year. She emphasised collaboration and market development as key priorities.

The FMDQ publishes turnover data based on trade submissions from its Dealing Members.