Foreign Exchange (FX) and Money Market (MM) transactions dominated secondary market activity, jointly accounting for 70.35 percent of the total secondary market turnover in March 2025.

According to FMDQ Securities Exchange in its financial markets monthly report for March, the total secondary market turnover recorded on FMDQ Exchange in March 2025 was N58.20trillion.

The record secondary market turnover in March represents month-on-month (MoM) decrease of 2.71 percent (N1.62trillion) and a year-on-year (YoY) increase of 19.11 percent (N9.34trillion) from February 2025 and March 2024 figures, respectively.

Total spot market turnover for all products traded in the secondary market recorded on FMDQ Exchange in March 2025 was N53.80trillion, representing a MoM decrease of 6.27percent (N3.60trillion) from February 2025 figures.

The MoM decrease in total spot market turnover was driven by the decrease in Fixed Income (FI) and Money Market turnover by 6.54 percent (N1.21trillion) and 22 percent (N4.12trillion) respectively, offsetting the 8.59 percent (N1.73trillion) increase in FX market turnover.

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The decrease in MM turnover was solely driven by the MoM decrease in the Repos/Buy-backs product category. Similarly, the decrease in FI turnover was driven by the MoM decrease across all product categories except T.Bills and Other Bonds, while CBN Special Bills remained inactive during the review period.

Spot FX market turnover recorded on FMDQ Exchange was $14.30billion (N21.93trillion) in March 2025, representing a 6.47 percent ($0.87billion) MoM increase from the turnover recorded in February 2025 ($13.43billion).

In the FX Market, the Naira depreciated against the US Dollar, with the spot exchange rate ($/N) increasing by 1.92 percent ($/N28.82) to close at an average of $/N1,533 recorded in March 2025 from$/N1,504.18 recorded in February 2025.

Further, exchange rate volatility increased in March 2025, with the Naira trading within an exchange rate range of $/N1,499–$/N1,549 compared to $/N1,495–$/N1,515 recorded in February 2025.

Fixed Income market turnover in March 2025 was N17.26trillion, representing a MoM decrease of 6.54 percent (N1.21trillion) from the turnover recorded in February 2025 (N18.47trillion). The MoM decrease in turnover was driven by the decrease in CBN Bills, OMO Bills, and FGN Bonds transactions during the review period, the report stated.

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By Iheanyi Nwachukwu • April 25, 2025

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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