Here is summary of FMDQ markets monthly report for August

FMDQ secondary market turnover hits N40.43trn

The secondary market turnover on FMDQ Exchange for the month ended August 31, 2022 was N15.53trillion.

The record turnover in August represents month-on-month (MoM) decrease of 21.40percent (N4.23trillion) and year-on-year (YoY) increase of 26percent (N3.20trillion) from turnover in July 2022 and August 2021 respectively.

The total turnover for Spot and Derivatives market was N13.46trillion and N2.07trillion respectively in August 2022.

Spot FX market turnover was N2.50trillion ($5.82billion) in August 2022, representing a MoM decrease of 20.81percent (N660billion) from the turnover recorded in July 2022 (N3.16trillion).

Further, the Naira depreciated against the US Dollar in the FX market, with the exchange rate ($/N) increasing by 0.55percent ($/N2.35) to close at an average of $/N429.80 in August 2022 from $/N427.45 recorded in July 2022, trading within a range of $/N428.13 – $/N431.

Similarly, in the Derivatives market, total turnover in the FX Market segment was N2.07trillion ($4.82billion), representing a MoM decrease of 7.17% (N160billion) from July 2022.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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