FMDQ Markets YoY Turnover Increases By 60.27% To ₦8.16trn

According to the FMDQ Securities Exchange Limited, secondary market turnover on FMDQ Exchange in October 2023 was ₦21.70trn, representing a month-on-month (MoM) decrease  of 6.75% (₦1.57trn) and year-on-year (YoY) increase of 60.27% (₦8.16trn) from the turnover recorded in September  2023 and October 2022, respectively.

Total turnover for Spot and Derivatives Market was ₦20.48trn and ₦1.22trn respectively in October 2023.

Spot FX Market Turnover was $4.66bn (₦3.66trn) in October 2023, representing a MoM decrease of 14.96% ($0.82bn) from the turnover recorded in September 2023 ($5.48bn).

The statement from the FMDQ, showed further that, the US Dollar appreciated against the Naira in the FX market, with the exchange rate ($/₦) increasing by 5.34% ($/₦40.41) to close at an average of $/₦797.43 in October 2023 from $/₦757.02 recorded in September  2023, trading within a range of $/₦741.85  –  $/₦993.82.

Similarly, in the Derivatives Market, total turnover in the FX Market segment was $1.55bn (₦1.22trn), representing a MoM decrease of 39.27% ($1.00bn) from September 2023 figures.