The FMDQ Exchange in Nigeria has recorded impressive growth, with cumulative turnover reaching N496.61 trillion in the first eight months of 2026. This marks a 16.43% increase from N426.51 trillion in the previous seven months, driven primarily by foreign exchange (FX) trading and government securities.
According to FMDQ's monthly newsletter, the turnover increased by N70.10 trillion from July to August 2026, with the top 10 dealing member banks controlling a significant 75.94% of the overall market turnover. The average daily turnover during this period was N3.066 trillion (approximately $2.234 billion).
A notable trend is the rise of autonomous foreign exchange inflows, which accounted for a substantial portion of the N496.61 trillion turnover. The Central Bank of Nigeria's Q1 2026 Economic Report indicates that non-banking sources contributed 67.5% of total FX inflows, highlighting a shift in the market's dynamics.
Foreign exchange transactions, including spot FX and derivatives, made up N192.32 trillion (38.73% of total activity), while government securities generated N230.27 trillion. This reflects a growing preference for liquid and transparent financial instruments among market participants.
The shift towards autonomous FX inflows, driven by oil exports, diaspora remittances, and portfolio investments, suggests a maturing capital market less reliant on central bank interventions. Moving forward, the challenge will be to convert this turnover into sustainable credit expansion for the real economy.