FMDQ Securities Exchange Hits $180.85bn in Turnover

The FMDQ Securities Exchange reported a total turnover of $180.85 billion, attributed to an unprecedented surge in transaction volumes across key market segments. This significant growth indicates a major recovery in market liquidity and rising investor confidence, largely driven by ongoing interventions in the foreign exchange market by the Central Bank of Nigeria.

The latest monthly market report highlights that the exchange trade activities in the foreign exchange open market operations and the bill segment were primary catalysts for this stellar performance. A breakdown of performance shows that spot FX transactions and foreign exchange derivatives accounted for the largest share of overall market turnover, indicating an improvement in the supply of foreign exchange following recent structural reforms.

The fixed income segment also saw heavy activity, supported by high interest rates, attracting institutional investors, particularly pension funds, to lock in yields on treasury bills and FGN bonds. The corporate debt segment showed steady progress with several high-profile commercial papers and corporate bonds listed on the FMDQ platform.