FMDQ Exchange, Nigeria’s securities and exchange market, says its secondary market turnover in October grew to N21.70 trillion.
FMDQ Exchange disclosed this in its latest markets monthly report for October.
This level of turnover in October represents a month-on-month (MoM) decrease of 6.75 per cent (N1.57trillion) and a year-on-year (YoY) increase of 60.27 per cent (N8.16trillion) from the turnover recorded in September 2023 and October 2022, respectively.
Accordingly, the total turnover for the Spot and Derivatives Market was N20.48 trillion and N1.22 trillion, respectively, in October 2023. Spot FX Market Turnover was $4.66 billion (N3.66 trillion) in October 2023, representing an MoM decrease of 14.96 per cent ($0.82 billion) from the turnover recorded in September 2023 ($5.48 billion).
Newspot recalls that the US Dollar appreciated against the Naira in the FX market, with the exchange rate ($/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 $ 1.55 billion (N1.22 trillion), representing an MoM decrease of 39.27 per cent ($1 billion) from September 2023 figures.
