FMDQ secondary market posted N17.68tn turnover in August

Turnover at the FMDQ Securities Exchange market stood at N17.68tn in August.

The figure represents a month-on-month decrease of 11.24 per cent, which amounts to N2.24tn less than the figure in July 2023.

This was revealed in its monthly market report obtained by The PUNCH on Thursday.

The report showed a year-on-year increase of 13.84 per cent, N2.15tn higher than the figure recorded in August 2022.

Breakdown of turnover showed that Spot Market to aggregate turnover at N16.54tn, while the Derivatives Market added N1.14tn to the figure in August 2023.

Within the Spot FX Market, turnover amounted to $4.37bn (N3.34tn), experiencing a MoM decrease of 6.13 per cent, which translates to a decrease of $0.29bn compared to July 2023 ($4.66bn).

According to the report, 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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