FMDQ Securities Exchange has posted a total turnover of N21.7 trillion in its secondary market segment for June 2023. The figure represents a month-on-month (MoM) increase of 37.78 per cent (₦5.96 trillion) and a year-on-year (YoY) increase of 19.41 per cent (₦3.53 trillion) from the turnover recorded in May 2023 and June 2022.

According to the exchange, total turnover for the Spot and Derivatives Market was ₦17.82 trillion and ₦3.92 trillion respectively in June 2023. Spot foreign exchange’s market turnover was $7.73 billion (₦4.77 trillion) in June 2023, representing a MoM increase of 22.48 per cent ($1.52 billion) from the turnover recorded in May 2023 ($6.21 billion).

Further, naira steeply depreciated against the dollar in the foreign exchange market, with the exchange rate increasing by 25.96 per cent ($/₦162.51) to close at an average of $/₦625.9 in June 2023 from $/₦463.39 recorded in May 2023, trading within a range of $/₦464.67 – $/₦770.38.

Also, for the week-ended August 4, 2023, FMDQ stated that the total turnover in the foreign exchange spot and derivatives markets was $455.12 million, an increase of 14.56 per cent ($57.85 million) from $397.27 million recorded for the week-ended July 28, 2023.

The exchange explained that the week-on-week (WoW) increase in total turnover was driven by the 14.71 per cent ($58.27 million) increase in Forex spot turnover, offsetting the 33.07 per cent ($0.42 million) decrease in Forex derivatives turnover.

FMDQ stated that the WoW decrease in forex derivatives turnover was jointly driven by the 33.07 per cent ($0.42 million) decrease in Forex forwards turnover, as well as the sustained lack of activity in both exchange-traded Forex futures and naira-settled OTC Forex futures markets.

It explained that the total value of transactions in the forex spot market within the period was $454.27 million, representing an increase of 14.71 per cent ($58.27 million) from the value of transactions executed in the week-ended July 28, 2023 ($396 million).

Additionally, it noted that there were no trades executed in the exchange-traded forex futures and extant naira-settled OTC forex futures markets for the week-ended August 4, 2023

Also, within the same period, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/₦768.77, compared to $/₦775.01 recorded in the week ended July 28, 2023, representing an appreciation of the naira against the dollar by 0.81 per cent ($/₦6.24).