The secondary market turnover on FMDQ Exchange for the month ended November 30, 2022 was N15.58trillion, representing a month-on-month (MoM) increase of 15.06 percent (N2.04trillion) and year-on-year (YoY) decrease of 1.47percent (N230billion) from turnover in October 2022 and November 2021 respectively.

Total turnover for Spot and Derivatives Market was N12.54trillion and N3.04trillion respectively in November 2022.

Spot FX Market Turnover was N3.74trillion ($8.39billion) in November 2022, representing a MoM increase of 31.25percent (N890billion) from the turnover recorded in October 2022 (N2.85trillion).

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Further, the Naira depreciated against the US Dollar in the FX market, with the exchange rate ($/N) increasing by 1.07percent ($/N4.74) to close at an average of $/N445.76 in November 2022 from $/N441.02 recorded in October 2022, trading within a range of $/N444.70 – $/N446.67.

Similarly, in the Derivatives Market, total turnover in the FX Market segment was N3.04trillion ($6.82billion), representing a MoM increase of 51.82percent (percent1.04trillion) from October 2022 figures.

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By Iheanyi Nwachukwu • December 30, 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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