FMDQ Exchange records 6.75% MoM decrease in secondary market turnover

By Sodiq Adelakun

In October, FMDQ Exchange reported a total secondary market turnover of N21.70 trillion, a decrease of 6.75 percent (N1.57 trillion) from the previous month and an increase of 60.27 percent (N8.16 trillion) from the same period last year.

The Spot and Derivatives Market contributed N20.48 trillion and N1.22 trillion respectively to the total turnover.

 The Spot FX Market turnover was $4.66 billion (N3.66 trillion), a decrease of 14.96 percent ($0.82 billion) from September 2023.

Further, the US Dollar appreciated against the Naira in the FX market, with the exchange rate ($/N) increasing by 5.34percent ($/N40.41) to close at an average of $/N797.43 in October 2023 from $/N757.02 recorded in September 2023, trading within a range of $/N741.85 – $/N993.82.

Similarly, in the Derivatives Market, total turnover in the FX Market segment was $1.55billion (N1.22trillion), representing a MoM decrease of 39.27percent ($1billion) from September 2023 figures.