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FMDQ secondary market amounted to N17.68tn turnover in August

In August, the turnover at the FMDQ Securities Exchange market was N17.68tn, marking an 11.24% decrease compared to July. This amounts to N2.24tn less than the previous month. The monthly market report, obtained by The PUNCH, also revealed a year-on-year increase of 13.84%, with N2.15tn higher than August 2022.

The turnover breakdown reveals that the Spot Market contributed N16.54tn, while the Derivatives Market added N1.14tn in August 2023.

In the Spot FX Market, the turnover reached $4.37bn (N3.34tn), showing a 6.13% decrease compared to July 2023. This translates to a decrease of $0.29bn. The report also highlights that the naira appreciated against the dollar in the forex market during the review period in 2023.

“The exchange rate of naira to dollar decreased by 0.85 per cent, amounting to $/N6.46, and closed at an average of $/N763.04. This was a significant change from the $/N769.51 recorded in July 2023. The naira traded within a range of $/N738.18 to $/N789.08,” FMDQ said.

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