FMDQ Exchange Turnover Rises To N35.81trn In December 2023

According to the Exchange report, secondary market turnover on FMDQ Exchange in December 2023 was ₦35.81trn, representing a month-on-month (MoM) and year-on-year (YoY) increase of 28.49% (₦7.94trn) and 70.20% (₦14.77trn) from the turnover recorded in November 2023 and December 2022, respectively.

Total turnover for the Spot and Derivatives Market was ₦30.04trn and ₦5.77trn, respectively, in December 2023. Spot FX Market Turnover was $7.34bn (₦6.55trn) in December 2023, representing a MoM increase of 41.97% ($2.17bn) from the turnover recorded in November 2023 ($5.17bn). Further, the US Dollar appreciated against the Naira in the FX market, with the spot exchange rate ($/₦) increasing by 7.77% ($/₦64.73) to close at an average of $/₦897.30 in December 2023 from $/₦832.57 recorded in November 2023, trading within a range of $/₦806.73  –  $/₦1,099.05.

Similarly, in the Derivatives Market, total turnover in the FX Market segment was $6.47bn (₦5.76trn), representing a MoM increase of 82.25% ($2.92bn) from November 2023 figures.