Secondary market turnover on FMDQ Exchange rises to N14.66trn

FMDQ Exchange has released its markets monthly report for February which shows secondary market turnover was N14.66trillion.

The record turnover represents a month-on-month (MoM) and year-on-year (YoY) increase of 12.47percent (N1.63trillion) and 3.03percent (N430billion) from the turnover recorded in January 2023 and February 2022, respectively.

Total turnover for Spot and Derivatives Market was N12.58 trillion and N2.08trillion respectively in February 2023.

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Spot FX Market Turnover was N2.71trillion ($5.88billion) in February 2023, representing a month on month (MoM) increase of 0.63percent (N0.02trillion) from the turnover recorded in January 2023 (N2.69trillion).

Further, the Naira appreciated marginally against the US Dollar in the FX market, with the exchange rate ($/N) decreasing by 0.24bps ($/N0.01) to close at an average of $/N461.54 in February 2023 from $/N461.55 recorded in January 2023, trading within a range of $/N461 – $/N462.17.

Similarly, in the Derivatives Market, total turnover in the FX Market segment was N2.08trillion ($4.51billion), representing a MoM increase of 5.31% (N0.10trillion) from January 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.