The total turnover in Nigeria’s financial markets rose to N496.61 trillion between January and August 2026, with foreign exchange transactions accounting for the largest share.

Data from FMDQ Securities Exchange showed that foreign exchange (FX) transactions, comprising spot foreign exchange and FX derivatives, accounted for 38.7 per cent of total turnover during the period.

According to the exchange, this was followed by open market operations (OMO) bills with 29.59 per cent, while repurchase agreements (repos) accounted for 14.09 per cent.

Bonds contributed 8.74 per cent, treasury bills accounted for 8.31 per cent, while unsecured placements and takings represented 0.54 per cent of total turnover.

The composition of trading activity points to a strong preference for foreign exchange and short-term fixed-income instruments as investors continued to seek opportunities in an environment shaped by relatively high interest rates and active liquidity management.

The development came as the debt capital market recorded fresh fundraising activities, with Emzor Pharma Funding SPV listing a N26.7 billion bond on the FMDQ Exchange to support funding for Nigeria’s pharmaceutical and healthcare sector.

FMDQ Exchange approved the listing of the N26.7 billion, five-year, 19 per cent Series 1 Fixed Rate Bond, issued under Emzor Pharma Funding SPV’s N40 billion Bond Issuance Programme.

The approval was granted by the Exchange’s Board Listings and Markets Committee and adds to the growing use of the domestic debt market by companies seeking long-term funding.

The Emzor bond provides another avenue for mobilising capital for local pharmaceutical manufacturing at a time when access to long-term financing remains important for companies operating in Nigeria’s healthcare sector.

In another transaction, FMDQ Exchange approved the quotation of N25.53 billion Commercial Papers issued by Ojaja Pan Africa Limited under the company’s N100 billion Commercial Paper Issuance Programme.

The Ojaja Pan Africa programme comprises N4.8 billion Series 1, N1.36 billion Series 2 and N19.37 billion Series 3 Commercial Papers, bringing the total value of the three series to N25.53 billion.

The quotation gives Ojaja Pan Africa access to the short-term debt market to raise funds for its business operations and further reflects the participation of diversified Nigerian companies in the domestic debt capital market.