Market News

By Helen Oji

FMDQ debt market size as at October 12, 2023 hits N39.8 trillion.

Also, Foreign Exchange (FX) Spot and Derivatives markets turnover for the week ended October 13, 2023, was $683.97 million, an increase of 109.52 per cent ($357.53 million) from $326.44 million reported for the week ended October 6, 2023.

According to the exchange, the week-on-week (WoW) increase in total turnover was jointly driven by the 109.8 per cent ($357.47 million) and 6.06 per cent ($0.06 million) increases in FX Spot and FX Derivatives turnover, respectively.

The exchange stated that the WoW increase in FX Derivatives turnover was solely driven by the 6.06 ($0.06 million) increase in FX Forwards turnover, whilst there was no activity in both Exchange- Traded FX Futures and Cleared Naira-Settled Non-Deliverable Forwards (formally known as the Naira-Settled OTC FX Futures) market.

Also, in the FX Spot market, the total value of transactions for the week ended October 13, 2023, was $682.92 million, representing an increase of 109.8 per cent ($357.47 million) from the value of transactions executed in the week ended October 6, 2023 ($325.45 million.

There were no trades executed in the Exchange-Traded FX Futures & Cleared Naira-Settled non-deliverable Forwards markets Within the period, the average Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate was $/N772.92, compared to $/N768.66 recorded in the week ended October 6, 2023, representing a depreciation of the Naira against the dollar by 0.55 per cent ($/N4.26).

Further, FMDQ Exchange also announced the approval for the listing of the Development Bank of Nigeria N23.00bn Series 1 Fixed Rate Bond under its N100.00bn Medium-Term Note Programme on its platform.

FMDQ is Africa’s 1st vertically integrated FMI group, providing execution, clearing and settlement of transactions via FMDQ Exchange, FMDQ Clear and FMDQ Depository.