Secondary market turnover on FMDQ Exchange rose to N61.53trillion in May, according to its recently released report.

That record level of turnover represents a month-on-month (MoM) increase of 34.63 percent (N15.83trillion) and a year-on-year (YoY) increase of 47.59 percent (N19.84trillion) from the turnover recorded in April 2025 and May 2024, respectively.

Total turnover for the Spot and Derivatives Market was N58.68trillion and N2.85trillion, respectively, in May 2025.

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Spot FX Market Turnover was $14.27billion (N22.78trillion) in May 2025, representing a MoM increase of 17.64 percent ($2.14billion) from the turnover recorded in April 2025 ($12.13billion).

Further, the Naira appreciated against the US Dollar in the FX market, with the spot exchange rate ($/N) decreasing by 0.44 percent ($/N7.05) to close at an average of $/N1,595.74 in May 2025 from $/N1,602.79 recorded in April 2025, trading within a range of $/N1,579.00 – $/N1,612.00.

Meanwhile, in the Derivatives Market, total turnover in the FX Market segment was $1.79billion (N2.85trillion), representing a month-on-month (MoM) increase of 9.95 percent ($0.16billion) from April 2025 figures.

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By Iheanyi Nwachukwu • June 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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