FMDQ Exchange’s secondary market turnover rose to 21.7 trillion naira in October
Nigeria’s securities and overseas trade market, FMDQ Exchange, introduced that its secondary market turnover rose to N21.7 trillion in October.
FMDQ Exchange revealed this in its newest market month-to-month report for October.
Sales at this degree in October decreased by 6.75% (1.57 trillion naira) month-on-month and elevated by 60.27% (8.16 trillion naira) year-on-year (y-o-y) in contrast to recorded gross sales. means. They are scheduled for September 2023 and October 2022, respectively.
Accordingly, the whole turnover of the spot market and derivatives market in October 2023 was 20.48 trillion Naira and 1.22 trillion Naira respectively. Spot overseas trade market turnover in October 2023 was 4.66 billion naira (3.66 trillion naira), a lower of 4.6 billion naira in contrast to the earlier month. 14.96% ($820 million) from the gross sales recorded in September 2023 ($5.48 billion).
DAILY POST reported that in the overseas trade market, the US greenback appreciated in opposition to the naira, and the trade price ($/N) elevated by 5.34% ($/N40.41), with a mean of $/N797.43 in October 2023. He recollects finishing the transaction. From $/N757.02 recorded in September 2023, it has traded throughout the vary of $/N741.85 to $/N993.82.
Similarly, in the derivatives market, the overseas trade market sector had a complete turnover of $1.55 billion (1.22 trillion naira), a month-on-month lower of 39.27% ($1 billion) from the September 2023 determine.
Source: dailypost.ng