SPOTLIGHT
NEWSLETTER EDITION 137 – March 2026

Welcome to the March Edition of Spotlight!

As we progress through the first quarter of the year, we remain committed to strengthening market resilience, fostering innovation, and promoting transparency across Nigeria's financial markets.

This edition highlights key market activities and initiatives shaping the financial landscape, from notable securities admissions to product spotlights, commemorative observances, and market education. It provides valuable insights into FMDQ's ongoing efforts to deepen market development and enhance resilience.

We hope you find this edition insightful and engaging.

Ms. Tumi Sekoni
Group Chief Operating Officer
FMDQ Group PLC

Product Spotlight

Commercial Papers

Commercial Papers (“CPs”) are short-term debt obligations issued by Corporates to meet their immediate financing needs. In the Nigerian financial markets, CPs are issued for tenors of up to 270 days. Similar to Treasury Bills, they are typically issued at a discount and redeemed at par (face value) upon maturity.

CPs are generally issued by large, creditworthy corporations with established financial track records, positioning them as a relatively low-risk investment instrument. They are quoted and traded on the relevant platforms of FMDQ Securities Exchange (“FMDQ Exchange” or “the Exchange”).

Returns on CPs are derived from the difference between the discounted purchase price and the face value received at maturity. This makes them an attractive option for institutional investors and high-net-worth individuals seeking short-term, fixed-income opportunities. As a market-driven instrument, CP rates are influenced by prevailing money market conditions and the creditworthiness of the issuing corporation.

New Securities Admission on FMDQ Exchange

Champion Breweries PLC Achieves Landmark Bond Listing on FMDQ Exchange

FMDQ Exchange has approved the listing of Champion Breweries PLC’s (“Champion Breweries” or the “Issuer”) ₦30.00 Billion Series 1, 5-Year, 19.50% Senior Unsecured Fixed Rate Bond under its ₦45.00 Billion Bond Issuance Programme on its platform.

This approval by the Exchange's Board Listings and Markets Committee enables Champion Breweries to access long-term capital while providing investors with the benefit of a transparent and well-regulated marketplace. This reinforces the Exchange's role as Africa's foremost platform for credible, transparent, and efficient long-term debt capital markets financing.

Learn more

www.fmdqgroup.com
@FMDQGroup

SPOTLIGHT
NEWSLETTER EDITION 137 – March 2026

Other Admissions:

• Quotation of Smart Residences Limited ₦2.50bn Series 3 CP under its ₦2.50bn CP Issuance Programme

• Quotation of Skymark Partners Limited ₦6.69 Series 54-65 CPs under its ₦30.00bn CP Issuance Programme

• Quotation of Agro-Eknor International Limited ₦1.71bn Series 5 CP under its ₦5.00bn CP Issuance Programme

• Quotation of Precise Lighting Limited ₦0.55bn Series 6-8 CPs under its ₦3.50bn CP Issuance Programme

FMDQ Turnover Table

The total turnover for the January - March 2026 period amounted to ₦193.20 trillion. Trading activities in the FX market recorded the largest share, accounting for 32.87% of overall market turnover. OMO Bills followed with 30.77%, while Repurchase Agreements (”Repos”) contributed 14.75%. Treasury Bills and FGN Bonds accounted for 8.71% and 8.08% respectively, while Unsecured Placements and Takings represented 0.29% of total market turnover.

FMDQ Exchange Market turnover for January to March 2026

| Product Category | (₦'mm) | ($'mm) |

| Foreign Exchange | 63,494,923 | 45,879 |

| Foreign Exchange Derivatives | 8,333,333 | 6,021 |

| Treasury Bills | 16,823,672 | 12,156 |

| OMO Bills | 59,452,605 | 42,959 |

| CBN Special Bills | - | - |

| FGN Bonds | 15,615,333 | 11,283 |

| Promissory Notes | - | - |

| Other Bonds* | - | - |

| Eurobond | 366,643 | 265 |

| Repurchase Agreements/Open Repos | 28,490,807 | 20,587 |

| Unsecured Placements/Takings | 567,100 | 410 |

| Money Market Derivatives | - | - |

| Commercial Papers | - | - |

| Sukuk Bonds | 51,112 | 37 |
| Total | 193,195,528 | 139,597 |

| No. of Business Days | 59 | 59 |
| Average Daily Turnover | 3,274,500 | 2,366 |

Average Year-to-Date - $/₦ @ 1,383.95
mm - million
*Other Bonds include Agency, Sub-national, Corporate and Supranational Bonds
Note: Figures may be subject to change due to potential adjustments from Dealing Member (Banks), CBN - Central Bank of Nigeria
Source: FMDQ Data Portal as @ April 8, 2026; Figures reported by Dealing Member (Banks) on a week-ending basis

SPOTLIGHT
NEWSLETTER EDITION 137 – March 2026

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Clearing and Settlement Activities on FMDQ Clear

FMDQ Clear continues to play a pivotal role in mitigating counterparty risks and enhancing market resilience through its robust clearing services in the Nigerian financial markets.

The tables below provide an overview of clearing and settlement activities across the derivatives (currency futures) and fixed income markets. For more information on FMDQ Clear, please click here.

| S/N | Currency Futures | February 2026 | March 2026 | Change (%) |

| 1. | No. of Traded & Cleared Contracts | 6,255 | 6,255 | N/A |

| 2. | Value of Traded & Cleared Contracts ($'bn) | 67.787 | 67.787 | N/A |

| 3. | Value of Open Contracts ($'bn) | - | - | N/A |

| 4. | No. of Matured & Settled Contracts | 6,255 | 6,255 | N/A |
| 5. | Value of Matured & Settled Contracts ($'bn) | 67.785 | 67.785 | N/A |

Clearing and Settlement Activities on FMDQ Depository

FMDQ Depository Limited is positioned to provide a safe depository for financial markets assets, as well as facilitate efficient settlement of capital market transactions.

The table below provides an overview of the clearing and settlement activities in the fixed income markets. For more information on FMDQ Depository, please click here.

| S/N | Sovereign Fixed Income Clearing & Settlement Activities | February 2026 | March 2026 | Change (%) |

| 1. | Total Value of Trades Processed (₦'bn) | 67,119.37 | 187,633.87 | 179.55 |

| 2. | Value of Trades Settled (₦'bn) | 59,736.75 | 169,473.53 | 183.70 |
| 3. | Value of Unsettled Trades (₦'bn) | 7,382.6 | 18,160.3 | 145.99 |

| S/N | Non-Sovereign Fixed Income Clearing & Settlement Activities | February 2026 | March 2026 | Change (%) |

| 1. | Total Value of Trades Processed (₦'bn) | 4.56 | 18.92 | 314.91 |

| 2. | Value of Trades Settled (₦'bn) | 4.56 | 18.92 | 314.91 |
| 3. | Value of Unsettled Trades (₦'bn) | — | — | — |

Admitted Securities on FMDQ Depository

During the period, FMDQ Depository successfully admitted the following securities on its platform:

• AG Mortgage Bank PLC ₦1.02 billion Series 1 CP under its ₦5.00 billion CP Issuance Programme

• Davodani Microfinance Bank Limited ₦2.32 billion Series 1 CP under its ₦5.00 billion CP Issuance Programme

• Agro-Eknor International Limited ₦1.71 billion Series 5 CP under its ₦5.00 billion CP Issuance Programme

• Precise Lighting Limited ₦5.59 billion Series 6 – 8 CPs under its ₦3.50 billion CP Issuance Programme

• Skymark Partners Limited ₦6.68 billion Series 54 – 56 CPs under its ₦30 billion CP Issuance Programme

For more information on FMDQ Depository service offerings, please click here.

www.fmdqgroup.com | @FMDQGroup

SPOTLIGHT
NEWSLETTER EDITION 137 – March 2026

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Q- Learning

From FMDQ Academy - Regulatory Framework for Asset Tokenisation

Distributed Ledger Technology is transforming asset issuance and trading in financial markets, prompting regulators worldwide to assess how current legal and supervisory frameworks apply to tokenised financial instruments. The emergence of digital bonds, tokenised fund shares, and other blockchain-based securities has intensified regulatory discussions around market oversight, investor protection, and financial stability.

Learn more

Term of the Month: Mutual Funds

Mutual Funds are investment vehicles managed by professional fund money managers, that pool funds from multiple investors for the purpose of investing in a diversified portfolio of securities such as stocks, bonds, and money market instruments.

www.fmdqgroup.com @FMDQGroup

SPOTLIGHT
NEWSLETTER EDITION 137 – March 2026

DISCLAIMER

The FMDQ Learning segment is produced by FMDQ Group and its subsidiaries (“FMDQ”) for information purposes only. FMDQ IS NOT an investment advisor, and it does not endorse or recommend any securities or other investments. Market data and certain other information that may appear in this segment, as well as reference materials and/or links to other sites, have been compiled from publicly available sources believed to be reliable and are for general informational purposes only. It does not constitute any offer, recommendation, or solicitation to any person to enter any transaction or adopt any hedging, trading, or investment strategy, nor does it constitute any prediction to likely future movements in rates or prices or any representation that any such future movements will not exceed those shown in any illustration contained therein. All rates and figures appearing are for illustrative purposes only. The accuracy or completeness of the information contained herein is not guaranteed and is not intended to be relied upon for investment purposes.

FMDQ, its subsidiaries, affiliates, third party information providers, or any of these entities' officers, employees, directors, or agents have not: (1) attested to the merit of the information provided in this segment or on any of these securities; or (2) endorsed or sponsored any of these securities. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

All information is provided "as is" without warranty of any kind. FMDQ, its subsidiaries, affiliates, and the third-party information providers make no representations and disclaim all express, implied, and statutory warranties of any kind to user and/or any third-party including warranties as to accuracy, timeliness, completeness, merchantability, or fitness for any purpose.

Unless, in the event of willful tortious misconduct or gross negligence, FMDQ, its subsidiaries, affiliates and the third-party information providers have no liability in tort, contract, or otherwise (and as permitted by law, product liability), to user and/or any third party. FMDQ, its subsidiaries, affiliates and the third-party information providers shall under no circumstance be liable to user, and/or any third party for any lost profits or lost opportunity, indirect, special, consequential, incidental, or punitive damages whatsoever, even if FMDQ has been advised of the possibility of such damages.

www.fmdqgroup.com
@FMDQGroup