FMDQ Exchange, Nigeria’s prominent securities and exchange market, has revealed that its secondary market turnover for October reached N21.70 trillion. The disclosure was part of FMDQ’s latest markets monthly report for October.
The reported turnover for October indicates a month-on-month (MoM) decline of 6.75 percent (N1.57 trillion). However, it marks a substantial year-on-year (YoY) increase of 60.27 percent (N8.16 trillion) compared to October 2022.
Breaking down the figures, the total turnover for the Spot and Derivatives Market stood at N20.48 trillion and N1.22 trillion, respectively, for October 2023. Within the Spot FX Market, the turnover was $4.66 billion (N3.66 trillion), reflecting a MoM decrease of 14.96 percent ($0.82 billion) from September 2023.
It’s noteworthy that the US Dollar appreciated against the Naira in the FX market during October, with the exchange rate ($/N) rising by 5.34 percent ($40.41) to close at an average of $797.43. The exchange rate traded within a range of $741.85 to $993.82.
In the Derivatives Market, the FX Market segment recorded a total turnover of $1.55 billion (N1.22 trillion), indicating a MoM decrease of 39.27 percent ($1 billion) from the September 2023 figures. This data reflects the dynamic nature of Nigeria’s financial markets, responding to both domestic and international factors.
