FMDQ Exchange has released its monthly report for September, revealing a total secondary market turnover of N35.99 trillion. This figure marks a month-on-month (MoM) decrease of 10.96% (N4.43 trillion) but represents a significant year-on-year (YoY) increase of 54.63% (N12.72 trillion) compared to turnover in September 2023.
The report highlights that the Spot and Derivatives Markets contributed N33.59 trillion and N2.40 trillion, respectively, to the overall turnover in September 2024.
In the Spot Foreign Exchange (FX) market, turnover reached $9.46 billion (approximately N15.08 trillion), reflecting a MoM decline of 4.44% ($0.44 billion) from August 2024, when turnover was $9.90 billion. The Naira also experienced depreciation against the US Dollar, with the spot exchange rate rising by 0.40% ($/N6.33) to an average of $/N1,592.89, up from $/N1,586.56 in August, fluctuating within a range of $/N1,539.65 to $/N1,667.42.
In the Derivatives Market, turnover in the FX Market segment reached $1.51 billion (N2.40 trillion), showing a MoM decrease of 14.04% ($0.25 billion) compared to August 2024 figures.
This report underscores both the challenges and growth opportunities in the Nigerian financial markets, highlighting the ongoing adjustments in response to external economic pressures.