FMDQ turnover surges to ₦362.8tn as foreign investors return

Total secondary market turnover on the FMDQ Exchange surged to ₦362.8 trillion in the first half of 2026, driven by increased foreign portfolio participation in Treasury Bills.

New market operational figures from FMDQ Exchange revealed that total secondary market turnover surged to ₦362.8 trillion in the first half of 2026. Market analysts attribute the record transaction volumes to increased foreign portfolio participation in Nigerian Treasury Bills and central bank liquidity management auctions.

The surge in turnover reflects growing investor confidence in Nigeria’s fixed-income market. Foreign portfolio investors have been returning to the market, attracted by the high yields on Nigerian Treasury Bills and the CBN’s liquidity management auctions. The record transaction volumes are a sign of a more active and liquid market.

This echoes the 2018 fixed-income market boom, which also saw increased foreign participation. The mechanism then was different, but the result was the same: a more active market.

The winners: investors who have benefited from the active market; and the Nigerian economy, which gains from increased liquidity. The losers: the Nigerian government, which must manage the increased activity; and the Nigerian public, who must wait for the benefits to materialise.

Bottom Line: FMDQ turnover has hit ₦362.8 trillion. Foreign investors are back. The market is active. The question is whether the momentum can be sustained.