The secondary market turnover on FMDQ Securities Exchange for the month ended July 2022 was N19.76trillion.

The record market turnover in July represents a month-on-month (MoM) increase of 8.54percent (N1.55trillion) and year-on-year (YoY) increase of 16.45percent (N2.79 trillion) from turnover in June 2022 and July 2021 respectively

According to recently released FMDQ markets monthly report, the total turnover for Spot and Derivatives Market was N17.53trillion and N2.23trillion respectively in July 2022.

Read also: Nigeria’s Fixed Income, Currencies Markets turnover up 29.9% to N20.54trn

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Spot FX market turnover was N3.16trillion ($7.40billion) in July 2022, representing a MoM increase of 5.68percent (N170billion) from the turnover recorded in June 2022 (N2.99trillion).

In the review month, the Naira depreciated further against the US Dollar in the FX market, with the exchange rate ($/N) increasing by 1.43percent ($/N6.03) to close at an average of $/N427.01 in July 2022 from $/N420.98 recorded in June 2022, trading within a range of $/N424.17 – $/N431.

In the Derivatives Market, total turnover in the FX Market segment was N2.23trillion ($5.20billion), representing a MoM increase of 10.95percent (N220billion) from June 2022.

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By Iheanyi Nwachukwu • August 24, 2022

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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