FMDQ Records N676.7trn Turnover, Eyes $30trn Sustainability Capital

Nigeria’s fixed income and foreign exchange market posted a combined turnover of N676.71 trillion in 2025, underscoring the depth of liquidity in the financial system even as policymakers intensify efforts to attract a share of an estimated $30 trillion global sustainability capital pool.

Data published by FMDQ Exchange show that transactions worth N676.71 trillion ($446.18 billion) were executed between January and December 2025 over 247 business days, translating to an average daily turnover of N2.74 trillion.

The figures highlight a market largely driven by short-term liquidity management and currency transactions, reflecting the interplay between monetary policy operations and foreign exchange activity.

Foreign Exchange trades led the market with N254.42 trillion, accounting for 42.68 per cent of total turnover. Repurchase Agreements (Repos) followed at N166.91 trillion, representing 24.67 per cent, while Open Market Operations (OMO) Bills recorded N139.08 trillion, contributing 20.55 per cent.

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Combined, FX transactions and Repos accounted for over N421 trillion, more than half of total market turnover, signalling that liquidity recycling and currency trades were the dominant forces shaping market activity in 2025.

Treasury Bills generated N44.00 trillion in turnover, representing 6.50 per cent, while Federal Government Bonds accounted for N35.31 trillion or 5.51 per cent. Foreign Exchange Derivatives recorded N34.42 trillion, reflecting hedging activity amid exchange rate volatility.

Eurobonds and Sukuk Bonds posted N1.15 trillion and N815.76 billion, respectively, while Promissory Notes and Other Bonds accounted for N6.1 billion and N0.26 billion.

The scale of OMO activity, at N139.08 trillion, underscores the sustained presence of the Central Bank of Nigeria in sterilising liquidity and managing system stability throughout the year.

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In a note accompanying the transaction review, Ms Tumi Sekoni, Group Chief Operating Officer of FMDQ Group Plc, emphasised that collaboration and market development would remain central to the Exchange’s strategy.

“As the year unfolds, we will deepen collaboration with regulators and stakeholders to strengthen governance, enhance market liquidity and promote sustainable market growth,” she said, expressing optimism about advancing Nigeria’s financial markets.

The Exchange’s strategic push comes amid growing global interest in sustainable finance, with international sustainability-focused assets estimated at over $30 trillion. Market operators believe strengthening liquidity, governance and product innovation could position Nigeria to attract a larger share of these long-term capital flows.

FMDQ’s turnover data are compiled from trade submissions by Dealing Members and cover Foreign Exchange, Treasury Bills, Money Market instruments — including Repos, Buy-Backs and Unsecured Placements/Takings — Bonds, as well as FX and Money Market derivatives. The figures exclude primary market auctions and represent trades executed among Dealing Members, clients and the central bank.

With N676.71 trillion in turnover recorded in 2025, the numbers signal both the scale of liquidity within the system and the opportunity to channel that depth into longer-term, sustainability-driven capital formation.