FMDQ FX market turnover edges up by 13.5 per cent

FMDQ Securities Exchange Foreign Exchange (FX) spot and derivatives markets turnover for the week ended October 11 hit $1,544.5 million, representing an increase of 31.5 per cent from the $1,174.5 million reported the previous week.

According to FMDQ, the week-on-week (WoW) increase in total turnover was driven by the 32.5 per cent increase in FX spot transactions, which recorded a total value of $1,537.98 million compared to $1,160.5 million in the week ended October 4, offsetting the 53.6 per cent decrease in FX derivatives turnover.

The exchange noted that the WoW decrease in FX derivatives turnover was solely driven by the 53.6 per cent ($7.5 million) decrease in FX forwards turnover, while there was a continued lack of activity in both the exchange-traded FX futures and cleared naira-settled non-deliverable forwards market.

Also, within the period, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) was $/N1,634.87, compared to $/N1,663.16 recorded in the week ended October 4.