In May 2025, Nigeria’s financial markets experienced a strong upswing as secondary market turnover on the FMDQ Exchange surged to ₦61.53 trillion.
This sharp increase reflected a 34.63% month-on-month jump—equivalent to ₦15.83 trillion more than April’s total—and a 47.59% year-on-year rise from May 2024.
Investors actively drove this growth, signalling renewed confidence and market participation.
Investors actively drove this growth, signalling renewed confidence and market participation.
Spot And Derivatives Market Breakdown
Breaking it down, the Spot Market contributed ₦58.68 trillion, while the Derivatives Market added ₦2.85 trillion.
Clearly, both segments played pivotal roles in pushing overall turnover to record highs.
FX Market Activity Accelerates
Moreover, activity in the Spot FX Market intensified.
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Market participants boosted turnover to $14.27 billion (₦22.78 trillion), representing a 17.64% increase from April’s $12.13 billion.
At the same time, the Naira gained ground against the US Dollar.
The average spot exchange rate strengthened by 0.44%, moving from ₦1,602.79/$ in April to ₦1,595.74/$ in May.
The currency traded within a band of ₦1,579.00 to ₦1,612.00 throughout the month.
Derivatives FX Market Rises
Meanwhile, traders in the Derivatives FX Market also stepped up their activity.
They lifted total turnover to $1.79 billion (₦2.85 trillion), reflecting a 9.95% month-on-month increase from April’s $1.63 billion.
Altogether, these figures highlight the growing momentum across the financial markets.
With stronger trading volumes and a firmer Naira, investors appear to be regaining optimism and deepening their engagement.
