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FMDQ Securities market has posted a total turnover of N27.9 trillion in its secondary market segment for November 2023. The figure represents a month-on-month (M/M) increase of 28.43 percent (₦6.17 trillion) and a year-on-year (Y/Y) increase of 109.4 percent (14.6 trillion) from the October 2023 and November 2022 figures
FMDQ Securities market has posted a total turnover of N27.9 trillion in its secondary market segment for November 2023. The figure represents a month-on-month (M/M) increase of 28.43 percent (₦6.17 trillion) and a year-on-year (Y/Y) increase of 109.4 percent (14.6 trillion) from the October 2023 and November 2022 figures.
According to the exchange, foreign exchange (FX), CBN bills, and money market (MM) transactions dominated secondary market activity, accounting for 71.7% of the total secondary market turnover in November 2023. Also, total spot market turnover for all products traded in the secondary market in November 2023 was ₦24.9 trillion, representing an M/M increase of 21.5% (₦4.4 trillion) from October 2023 data.
The M/M increase in total spot market turnover was jointly driven by an increase in turnover across all spot market product categories, with contributions by FX, MM, and FI transactions increasing M/M by 18.3% (₦0.67 trillion), 18.9% (₦0.93 trillion) and 23.7% (₦2.8 trillion). Further, it pointed out that the increase in MM turnover was solely driven by an uptick in repos/buy-backs, offsetting the M/M decline in unsecured placement/takings transactions.
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For FI, the uptick in turnover for the segment within the period was driven by an M/M increase across all FI products, excluding OMO Bills which decreased during the period under review. Also, the total turnover for Spot FX market in November 2023 was US$5.17 billion (₦4.3 trillion), representing a M/M increase of 10.9% ($0.51 billion) from the turnover recorded in October 2023 (US$4.7 billion).
