FMDQ Exchange, which operates Nigeria’s securities and exchange market, has reported a significant increase in secondary market turnover, reaching a staggering N21.70 trillion in October.
This information was divulged in the latest markets monthly report for October, released by FMDQ Exchange.
The turnover in October reflects a month-on-month (MoM) decrease of 6.75 per cent (N1.57 trillion) and a year-on-year (YoY) increase of 60.27 per cent (N8.16 trillion) from the turnover recorded in September 2023 and October 2022, respectively.
Notably, the total turnover for the Spot and Derivatives Market was N20.48 trillion and N1.22 trillion, respectively, in October 2023. The Spot FX Market Turnover stood at $4.66 billion (N3.66 trillion) in the same period, representing a MoM decrease of 14.96 per cent ($0.82 billion) from the turnover recorded in September 2023 ($5.48 billion).
It is worth recalling that the US Dollar appreciated against the Naira in the FX market, with the exchange rate ($/N) increasing by 5.34 percent ($/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, the total turnover in the FX Market segment was $1.55 billion (N1.22 trillion), signifying an MoM decrease of 39.27 per cent ($1 billion) from the figures in September 2023.
