First, you need to avoid definite quaternion algebras over $\mathbb{Q}$: in this case, the unit groups are finite, so the index cannot grow with $N$.

With that out of the way, your algebra $D$ satisfies strong approximation (chapter 28 of my book, I'm sorry I only discuss the quaternion case, but see Remark 28.6.11; I also recommend the book "Units in skew fields" by Ernst Kleinert)! This means that the global index $[\mathcal{O}_m^1 : \mathcal{O}^1]$ is equal to the product of the local indices $[(\mathcal{O}_m)_p^1 : \mathcal{O}_p^1]$ over (finitely many) primes $p$, so it is enough to understand the local situation.

In the local case, an argument like the one in Lemma 26.6.7 applies. It starts out the same, and we are left to determine the ratio
$[\mathcal{O}_m^1 : 1+p\mathcal{O}_m]/[\mathcal{O}^1 : 1+p\mathcal{O}]=\#(\mathcal{O}_m/p\mathcal{O}_m)^1/\#(\mathcal{O}/p\mathcal{O})^1$. Each term (numerator and denominator) is the calculation of the units in an $\mathbb{F}_p$-algebra, and already in the case of quaternions you can see that there are cases needed if we want an exact formula.

Actually, I think there's a more uniform thing to reduce to the semisimple case, using the Jacobson radical $J=\mathrm{rad} \mathcal{O}$ (20.4): we have a filtration $\mathcal{O} \supseteq J \supseteq J^2 \supseteq \dots \supseteq p\mathcal{O} \supseteq J^r$ for some $r \geq 1$ which gives $\mathcal{O}^\times \geq 1+J \geq 1+J^2 \geq \dots \geq 1+p\mathcal{O} \geq 1+J^r$ and $(1+J^i)/(1+J^{i+1}) \simeq J^i/J^{i+1}$ for $i \geq 1$. So you only need to count $(\mathcal{O}/J)^1$. Now $\mathcal{O}/J$ is semisimple (that's the job of the Jacobson radical), and we're over $\mathbb{F}_p$, so $\mathcal{O}/J$ is the product of matrix rings over finite fields, so the exact count can be given in terms of the number of factors, their degree, and the cardinality of the residue field.

Combining these should give you an explicit formula (with cases) or an estimate, like what you asked for above. (I didn't work out the details, hoping that you would be motivated to do so!) This kind of calculation shows up in the computation of zeta functions of orders in division algebras, but I couldn't quickly find a reference...