FMDQ secondary market turnover up 54.63% year-on-year to N35.99trn

FMDQ Exchange has released its markets monthly report for September which shows its secondary market turnover was N35.99trillion.

The record turnover in September represents month-on-month (MoM) decrease of 10.96 percent (N4.43trillion) and a year-on-year (YoY) increase of 54.63 percent (N12.72trillion) from the turnover recorded in August 2024 and September 2023, respectively.

The insightful report shows that total turnover for the Spot and Derivatives Market was N33.59trillion and N2.40trillion, respectively, in September 2024.

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Spot FX market turnover $9.46billion (N15.08trillion) in September 2024, representing a MoM decrease of 4.44 percent ($0.44billion) from the turnover recorded in August 2024 ($9.90billion).

Further, the Naira depreciated against the US Dollar in the FX market, with the spot exchange rate ($/N) increasing by 0.40 percent ($/N6.33) to close at an average of $/N1,592.89 in September 2024 from $/N1,586.56 recorded in August 2024, trading within a range of $/N1,539.65 – $/N1,667.42.

In the Derivatives Market, total turnover in the FX Market segment was $1.51billion (N2.40trillion), representing a MoM decrease of 14.04 percent ($0.25billion) from August 2024 figures.