By Joy Baba-Yesufu
In July 2024, the secondary market turnover on FMDQ Exchange was N30.63trillion, according to its recently released monthly report
The record level of secondary market turnover represents month-on-month (MoM) increase of 7.78 percent (N2.21trillion) and a year-on-year (YoY) increase of 53.78 percent (N10.71trillion) from the turnover recorded in June 2024 and July 2023, respectively.
The report shows that total turnover for the Spot and Derivatives Markets was N27.66trillion and N2.97trillion, respectively, in July 2024.
Spot FX Market Turnover was $7.39billion (N11.48trillion) in July 2024, representing a MoM increase of 10.02 percent ($0.67billion) from the turnover recorded in June 2024 ($6.72billion).
Further, the Naira depreciated against the US Dollar in the FX market, with the spot exchange rate ($/N) increasing by 4.88 percent ($/N72.58) to close at an average of $/N1,560.32 in July 2024 from $/N1,487.74 recorded in June 2024, trading within a range of $/N1,500.32 – $/N1,621.12.
Meanwhile, in the Derivatives Market, total turnover in the FX Market segment was $1.91billion (N2.97trilliin), representing a MoM increase of 13.81 percent ($230million) from June 2024 figures.
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