The fixed income market opened 2026 on a strong note, with total turnover rising sharply to N28.1 trillion in January, representing a 45.7 per cent month-on-month increase from N19.32 trillion recorded in December 2025.

Latest data from FMDQ Securities Exchange in January showed that the N8.83 trillion expansion in activity was driven by increased transactions across all fixed income sub-segments, reflecting improved liquidity and sustained investor participation at the start of the year.

Primary market issuances also recorded a significant growth as the Debt Management Office (DMO) sold treasury bills valued at N2.2 trillion during its January auctions, representing a slight 0.12 per cent of the amount issued in December 2025.

Further breakdown of activities within the period showed that FGN bond sales increased significantly as N1.67 trillion worth of bonds were issued within the period, representing a 179.01 per cent surge from N600 billion sold in the previous month.

In addition, investor appetite remained strong, with treasury bills and FGN bonds oversubscribed by 116.55 per cent and 150.3 per cent, respectively.

Liquidity management operations intensified during the review period, as the Central Bank of Nigeria (CBN) sold OMO Bills worth N11.245 trillion, representing a 246.35 per cent increase from N3.247 trillion in December.

OMO instruments were heavily oversubscribed by 490.35 per cent, underscoring robust demand for short-term sovereign securities.

In the corporate debt segment, three corporate bonds valued at N63.03 billion were listed on the FMDQ Exchange in January.

This pushed the total outstanding value of non-sovereign bonds up by 2.93 per cent to N2.213 trillion, with no maturities recorded during the month.

Activity in the commercial paper market also strengthened during the period, with the value of quoted CPs increasing by 162.83 per cent (N101.02 billion) month-on-month to N163.06 billion, with 13 issuances recorded, five of which came from the financial services sector.

Despite the surge in new issuances, total outstanding CPs declined by 9.05 per cent (N57.28 billion) to N575.82 billion, largely due to maturities worth N220.34 billion during the period.

Meanwhile, trading intensity for treasury bills edged up by 5.75 per cent, indicating sustained activity in the short-term segment. In contrast, trading intensity for FGN bonds declined by 77.81 per cent, indicating relatively softer secondary market activities in longer-dated instruments.

Reacting to the performance, the President of the Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, said the 46 per cent jump in fixed income market turnover reflected a renewed investor optimism and growing confidence in the financial markets.