In its monthly report for October, FMDQ Exchange has disclosed a secondary market turnover of N21.70 trillion. While this figure reflects a 6.75% month-on-month decrease (N1.57 trillion), it also signifies an impressive 60.27% year-on-year increase (N8.16 trillion) from October 2022.
The breakdown of turnover indicates N20.48 trillion for the Spot Market and N1.22 trillion for the Derivatives Market in October 2023. Spot FX Market Turnover amounted to $4.66 billion (N3.66 trillion), demonstrating a 14.96% month-on-month decrease ($0.82 billion) from September 2023 ($5.48 billion).
In addition, the US Dollar exhibited strength against the Naira, witnessing a 5.34% increase ($40.41) in the exchange rate ($/N). The average exchange rate in October 2023 closed at $/N797.43, compared to $/N757.02 recorded in September 2023, with a trading range of $/N741.85 to $/N993.82.
Meanwhile, the Derivatives Market experienced a total turnover of $1.55 billion (N1.22 trillion) in the FX Market segment, indicating a 39.27% month-on-month decrease ($1 billion) from the figures reported in September 2023.
