Nigeria’s money market fund industry continued its strong expansion in April 2026, with total net asset value (NAV) rising to N5.68 trillion from N5.45 trillion recorded in March, reflecting growing investor appetite for low-risk investment options amid elevated interest rates and ongoing market uncertainty.
According to data compiled from the Securities and Exchange Commission (SEC) by the Nairametrics Research team, the money market segment now consists of 47 registered funds and accounts for approximately 64.83% of Nigeria’s total mutual fund industry assets, underscoring its dominant position within the country’s investment landscape.
The rapid growth of the segment highlights the increasing preference among both retail and institutional investors for stable, liquid, and relatively low-risk financial instruments capable of preserving capital while delivering competitive short-term returns.
Money market funds typically invest in high-quality short-term securities such as treasury bills, commercial papers, fixed deposits, and other low-risk fixed-income instruments. Their appeal has grown significantly in recent months as elevated yields in Nigeria’s fixed-income market continue to attract investors looking to balance liquidity with steady income generation.
Analysts say the sustained inflow into money market funds reflects a broader portfolio strategy among investors who are prioritizing safety and liquidity while taking advantage of high domestic interest rates created by the Central Bank of Nigeria’s aggressive monetary tightening cycle.
The sector also expanded further in April with the launch of the Myrtle Mynest Money Market Fund, managed by Myrtle Asset Management Limited, increasing the total number of registered money market funds in Nigeria to 47.
Beyond asset growth, investor participation in the segment also recorded a notable increase. Data shows that money market funds now serve approximately 733,302 unitholders, representing an additional 30,591 investors compared to March — a 4.35% monthly increase. This growth reinforces the segment’s role as one of the most accessible entry points into Nigeria’s broader capital market ecosystem.
Despite the massive size of the industry, the top-performing funds still represent only a relatively small portion of the overall market. Collectively, the top 10 performing money market funds manage approximately N121.83 billion in assets, accounting for just 2.14% of total money market fund assets and about 1.36% of Nigeria’s entire mutual fund industry.
Performance rankings for April 2026 showed that several funds continued to outperform peers on a year-to-date (YTD) yield basis, benefiting from favorable fixed-income market conditions and disciplined portfolio allocation strategies.
Among the standout performers was the SCM Capital Money Market Fund, managed by SCM Capital Limited, which delivered a YTD yield of 17.72%, placing it among the top-performing money market funds in the country.
Launched in 2025, the SCM Capital Money Market Fund is operated by SCM Capital Asset Limited under the leadership of Group Managing Director and Chief Executive Officer, Gaventa Otono. The fund currently manages assets valued at N2.14 billion and serves approximately 345 unitholders, with unit pricing maintained at N1.00.
The broader growth of Nigeria’s money market fund industry reflects shifting investor behavior in an environment characterized by elevated inflation, exchange rate volatility, and uncertainty across riskier asset classes. Many investors are increasingly favoring short-duration instruments that offer both stability and flexibility while maintaining exposure to attractive interest rates.
- Analysts expect the sector to remain attractive in the coming months, especially if domestic interest rates stay elevated and investors continue prioritizing capital preservation over higher-risk investments such as equities and longer-duration fixed-income securities.
