Best-Performing Money Market Funds in Nigeria as of July 2026
Nigeria’s money market fund industry expanded to ₦6.27 trillion in net asset value as of July 31, 2026, up 4.96% from ₦5.97 trillion in June, as investors continued to favour liquid investments offering relatively stable returns. Data compiled by Nairametrics from the Securities and Exchange Commission (SEC) also showed that the number of money market funds increased to 48, while the category accounted for 66.74% of total mutual fund assets.
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Money Market Funds Attract More Investors
The expansion of the sector reflects sustained investor demand for short-term investment instruments that combine liquidity with competitive returns.
The number of investors in money market funds increased to 846,933 in July, representing an addition of 46,883 unitholders, or 5.86%, from the previous month. Nairametrics said this represented the largest monthly increase in unitholders recorded in recent months.
Money market funds typically invest in short-term, high-quality instruments and are used by both retail and institutional investors seeking to preserve capital while earning returns on available cash.
DLM Money Market Fund Leads July Ranking
The DLM Money Market Fund emerged as the best-performing fund in July, recording a year-to-date (YTD) yield of 20.69%.
Managed by DLM Asset Management Limited, the fund moved up four places from fifth position in June to take the top position in July.
The fund manages ₦2.07 billion in assets and has 317 unitholders. An investor who placed ₦5 million in the fund at the beginning of 2026 would have earned approximately ₦1.03 million based on the reported YTD yield, taking the investment to about ₦6.03 million.
Coronation Money Market Fund Ranks Second
The Coronation Money Market Fund ranked second with a YTD yield of 20.22%, slipping from the top position it occupied in June.
Managed by Coronation Asset Management Limited, the fund has ₦98.55 billion in assets and 20,347 unitholders.
It was the largest fund by assets under management among the top 10 performers and also had the highest number of unitholders in the ranking.
A ₦5 million investment at the beginning of the year would have generated approximately ₦1.01 million based on the reported YTD performance.
RT Briscoe Savings & Investment Fund Takes Third Position
The RT Briscoe Savings & Investment Fund ranked third with a YTD yield of 20.13%.
Managed by DLM Asset Management Limited, the fund recorded a slight decline from second position in June.
The fund manages ₦520.46 million in assets and has 63 unitholders. Based on its reported YTD yield, a ₦5 million investment made at the start of the year would have generated approximately ₦1.01 million in returns.
Greenwich Plus Moves Into Fourth Position
The Greenwich Plus Money Market Fund recorded a YTD yield of 19.11%, rising four places from eighth position in June.
Managed by Greenwich Asset Management Limited, the fund has ₦15.19 billion in assets and 1,144 unitholders.
Its performance made it one of the biggest upward movers among the top 10 funds during the month.
Myrtle Nest Enters the Top 10
The Myrtle Nest Money Market Fund ranked fifth with a YTD yield of 19.09%.
The fund, managed by Myrtle Asset Management Limited, entered the top 10 ranking in July.
It manages ₦652.39 million in assets and has 375 unitholders.
Trustbanc Maintains Sixth Position
The Trustbanc Money Market Fund recorded a YTD yield of 18.99%, maintaining its sixth position from June.
Managed by Trustbanc Asset Management Limited, the fund manages ₦18.13 billion in assets and has 1,044 unitholders.
Its reported performance places it among the funds that continued to deliver returns close to the 19% level during the period.
Alpha10 Enters the Ranking
The Alpha10 Money Market Fund ranked seventh with a YTD yield of 18.86%.
The fund entered the top 10 in July after launching in December 2025 and commencing operations in March 2026.
It manages ₦2.28 billion in assets and has 228 unitholders.
STL Falls to Eighth Position
The STL Money Market Fund recorded a YTD yield of 18.81%, falling four places from fourth position in June.
The fund manages ₦18.77 billion in assets and has 2,004 unitholders.
Its four-place decline represented the steepest ranking drop among the top 10 money market funds during July.
Zedcrest and CardinalStone Complete Top 10
The Zedcrest Money Market Fund ranked ninth with a YTD yield of 18.59%, maintaining its June position.
It manages ₦22.57 billion in assets and has 9,460 unitholders.
CardinalStone Money Market Fund completed the top 10 with a YTD yield of 18.36%. Managed by CardinalStone Asset Management Limited, it has ₦37.08 billion in assets and 2,417 unitholders.
Top 10 Money Market Funds by YTD Yield
DLM Money Market Fund - 20.69%
Coronation Money Market Fund - 20.22%
RT Briscoe Savings & Investment Fund - 20.13%
Greenwich Plus Money Market Fund - 19.11%
Myrtle Nest Money Market Fund - 19.09%
Trustbanc Money Market Fund - 18.99%
Alpha10 Money Market Fund - 18.86%
STL Money Market Fund - 18.81%
Zedcrest Money Market Fund - 18.59%
CardinalStone Money Market Fund - 18.36%
The figures are based on YTD yields reported by Nairametrics from SEC data as of July 31, 2026.
Money Market Funds Dominate Mutual Fund Assets
The growth of the category has strengthened its position within Nigeria's mutual fund industry.
Money market funds accounted for 66.74% of total mutual fund assets in July, compared with 65.52% in June.
The sector's ₦6.27 trillion NAV also shows the significant amount of capital investors are directing towards short-term and relatively liquid investment products.
The top 10 performing funds collectively managed ₦215.82 billion, equivalent to 3.44% of the total money market fund assets and 2.30% of the overall mutual fund industry.
Investor Demand Remains Strong
The continued increase in unitholders indicates that money market funds are attracting a wider range of investors.
The combination of liquidity and competitive yields has made the funds increasingly relevant to investors looking for alternatives to holding idle cash.
However, past performance does not guarantee future returns, and investors need to consider the underlying investment strategy, fees, fund manager, liquidity arrangements and risk profile before committing funds.
Performance Reflects Broader Fixed-Income Conditions
The strong performance of money market funds also reflects conditions in Nigeria's fixed-income market, where yields have remained attractive.
Investors have increasingly sought instruments that can provide returns while allowing relatively easy access to their funds.
The performance gap between individual funds also shows that investors can obtain different results depending on the fund manager's strategy and portfolio positioning.
Outlook
Nigeria's money market fund segment entered the second half of 2026 with strong asset growth and rising investor participation. With ₦6.27 trillion in assets and more than 846,000 unitholders as of July, the category remains a major component of the country's mutual fund market.
The July ranking also shows that competition among fund managers remains active, with DLM moving from fifth to first position and several newer funds entering the top 10. For investors, the expanding market provides more options, but fund selection should remain based on individual investment objectives, liquidity needs, fees and risk tolerance rather than headline yields alone.
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