Secondary market activity on the FMDQ Securities Exchange slowed in November 2025, with total turnover declining to N54.64 trillion. This reflected a month-on-month contraction of 24.22 per cent, equivalent to N17.46 trillion, from the October 2025 level.

The figure also represents a year-on-year decrease of 7.44 per cent or N4.39 trillion. The latest FMDQ Securities Financial Market Report showed that market activity during the period was largely concentrated in the Foreign Exchange and CBN Bills segments, which together accounted for 60.93 per cent of total secondary market turnover, underscoring their continued dominance in overall trading activity.

According to the exchange, total spot market turnover for all products traded on the secondary market stood at N52.87 trillion in November 2025, representing a month-on-month decline of 21.17 per cent, or N14.20 trillion, from the N67.08 trillion recorded in October 2025.

The moderation in spot market activity was jointly driven by weaker performance in the fixed income and foreign exchange markets. Fixed income turnover declined by 8.19 per cent, or N2.10 trillion, while foreign exchange turnover fell sharply by 51.19 per cent, amounting to a reduction of N16.07 trillion over the month.

These declines more than offset the strong growth recorded in the money market segment, where turnover rose by 39.45 per cent, or N3.97 trillion, on a month-on-month basis.

The increase in money market turnover was supported by heightened activity in repos and buy-backs, as well as unsecured placements and takings, reflecting short-term liquidity management by market participants. In contrast, activity in the fixed income market remained generally subdued.

Overall fixed income market turnover eased to N23.53 trillion in November 2025, representing an 8.19 per cent, or N2.10 trillion, month-on-month decline from the N25.63 trillion recorded in October 2025.

The slowdown was driven by reduced trading across most fixed income sub-product categories, with the notable exceptions of Treasury Bills and Other Bonds, which recorded increased activity during the month. CBN Special Bills remained inactive throughout the r eview period.

In addition, trading intensity indicators for the fixed income market showed mixed movements. Treasury Bills trading intensity increased by 2.37 per cent, rising by 0.01 to 0.26 in November 2025, suggesting improved turnover relative to outstanding volumes.

Conversely, trading intensity for FGN Bonds declined by 13.96 per cent, or 0.02 to 0.12, reflecting weaker secondary market participation in longer-dated government securities during the period.