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FMDQ records secondary market turnover of N21.70trn in October


…implies 60.27% YoY increase

FMDQ Exchange has released its markets monthly report for October which shows secondary market turnover of N21.70trillion.

This level of turnover in October represents a month-on-month (MoM) decrease of 6.75percent (N1.57trillion) and year-on-year (YoY) increase of 60.27percent (N8.16trillion) from the turnover recorded in September 2023 and October 2022, respectively.

Total turnover for Spot and Derivatives Market was N20.48trillion and N1.22trillion respectively in October 2023. Spot FX Market Turnover was $4.66billion (N3.66trillion) in October 2023, representing a MoM decrease of 14.96percent ($0.82billion) from the turnover recorded in September 2023 ($5.48billion).

Further, the US Dollar appreciated against the Naira in the FX market, with the exchange rate ($/N) increasing by 5.34percent ($/N40.41) to close at an average of $/N797.43 in October 2023 from $/N757.02 recorded in September 2023, trading within a range of $/N741.85 – $/N993.82.

Read also: CBN’s bank recapitalisation plan for $1trn economy raises questions

Similarly, in the Derivatives Market, total turnover in the FX Market segment was $1.55billion (N1.22trillion), representing a MoM decrease of 39.27percent ($1billion) from September 2023 figures.

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