FMDQ Securities Exchange has released its markets monthly report for March 2023. The report shows its secondary market turnover in March 2023 was N24.35trillion.
The record turnover represents a month-on-month (MoM) and year-on-year (YoY) increase of 66.07percent (N9.69trillion) and 60.61percent (N9.19trillion) from the turnover recorded in February 2023 and March 2022, respectively.
Total turnover for Spot and Derivatives Market was N20.79trillion and N3.56trillion respectively in March 2023.
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Spot FX Market Turnover was $8.95billion (N4.13trillion) in March 2023, representing a MoM increase of 52.21percent ($37billion) from the turnover recorded in February 2023 ($5.88billion).
It further noted that the Naira appreciated marginally against the US Dollar in the FX market, with the exchange rate ($/N) decreasing by 0.94 basis points (bps) ($/N0.04) to close at an average of $/N461.50 in March 2023 from $/N461.54 recorded in February 2023, trading within a range of $/N461- $/N462
In the Derivatives Market, total turnover in the FX Market segment was N3.56trillion ($7.71billion), representing a MoM increase of 71.18percent (N1.48trillion) from February 2023 figures.
