FMDQ's secondary market turnover for March rises to N24.35trn

FMDQ Securities Exchange has released its markets monthly report for March 2023. The report shows its secondary market turnover in March 2023 was N24.35trillion.

The record turnover represents a month-on-month (MoM) and year-on-year (YoY) increase of 66.07percent (N9.69trillion) and 60.61percent (N9.19trillion) from the turnover recorded in February 2023 and March 2022, respectively.

Total turnover for Spot and Derivatives Market was N20.79trillion and N3.56trillion respectively in March 2023.

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Spot FX Market Turnover was $8.95billion (N4.13trillion) in March 2023, representing a MoM increase of 52.21percent ($37billion) from the turnover recorded in February 2023 ($5.88billion).

It further noted that the Naira appreciated marginally against the US Dollar in the FX market, with the exchange rate ($/N) decreasing by 0.94 basis points (bps) ($/N0.04) to close at an average of $/N461.50 in March 2023 from $/N461.54 recorded in February 2023, trading within a range of $/N461- $/N462

In the Derivatives Market, total turnover in the FX Market segment was N3.56trillion ($7.71billion), representing a MoM increase of 71.18percent (N1.48trillion) from February 2023 figures.

Iheanyi Nwachukwu

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.