FMDQ Group has unveiled a staggering total turnover of N60.77 trillion for January, marking a dynamic start to the Nigerian financial market as 2026 begins. This impressive performance reflects a robust increase in market liquidity, predominantly propelled by activities in the foreign exchange sector and substantial institutional engagement. According to the FMDQ Spotlight newsletter, the insights reveal that the market is heavily oriented towards currency trading and short-term liquidity instruments.

The foreign exchange segment, both in spot and derivative forms, emerged as the principal growth driver, making up 31.81% of the overall turnover. Following closely were Repurchase Agreements, contributing 23.15%, while Open Market Operations Bills also showcased significant trading activities with over N19.33 trillion recorded. In contrast, traditional investment vehicles such as FGN Bonds and Treasury Bills accounted for much smaller portions of the market, at 7.48% and 7.04% respectively. This delineation highlights a shifting focus in investors' asset allocation towards more liquid instruments amid changing economic conditions.

Additionally, January's activity was punctuated by the landmark listing by the Lagos State Government on the FMDQ platform, which is expected to enhance the state’s financial engagement and strengthen investment opportunities in the region. This development underlines the continuing evolution of Nigeria's financial ecosystem, where foreign exchange remains a dominating force while new listings create added dimensions for market participation and growth.