This study examined the effect of accounting derivative instruments, specifically currency forwards, credit default swaps, and fair value accounting, on Nigerian listed deposit money banks' market value between 2015 and 2024. Using an ex-post facto research design, secondary data were gathered from the 13 Nigerian DMBs' annual accounting reports, while of Panel Estimated Generalized Least Squares was employed to evaluate the influence of the instruments on the banks' market capitalization. The findings showed that currency forwards had a strong and positive effect on market value, reflecting their efficiency as hedging mechanisms against foreign exchange risk as well as confidence-enhancing investor instruments. The credit default swaps, however, exerted a negative but significantly tiny effect, suggesting the market perceived them as potential proxies for the exposure to credit risk. Fair value accounting, though having a positive relationship with market value, had no statistically significant effect, which is indicative of limited investor responsiveness to fair value disclosures within the Nigerian banking industry. Bank size, used as a control variable, was seen to have a significant positive relationship with market value. The study established that while there existed derivative instruments that enhanced value in the market, their impact was subject to situational factors such as disclosure quality, regulatory framework, and investor sentiment. The study made recommendations to support derivative disclosure requirements, foster useful hedging approaches, and improve investor awareness of Nigerian financial derivatives.