FMDQ Markets Record ₦42.15tri Turnover In December 2024, As Naira Appreciates Against USD

The FMDQ Markets Monthly Report for December 2024 has revealed a total turnover of ₦42.15 trillion on the FMDQ Exchange, representing a 28.59% month-on-month decrease and a 17.73% year-on-year increase.

According to the report, the Spot and Derivatives Markets recorded turnovers of ₦41.00 trillion and ₦1.15 trillion, respectively. The Spot FX Market turnover was $9.74 billion (₦15.32 trillion), a 32.28% decrease from the previous month.

In a positive development, the Naira appreciated against the US Dollar in the FX market, with the spot exchange rate ($/₦) decreasing by 6.55% to close at an average of $/₦1,564.97 in December 2024.

The Derivatives Market also recorded significant activity, with a total turnover of $0.73 billion (₦1.15 trillion) in the FX Market segment, representing a 51.31% month-on-month increase.

The FMDQ Markets Monthly Report provides a comprehensive overview of market activity and trends, offering valuable insights for investors, policymakers, and market participants.