.As dollar continues to trade above N900/$ at black market FMDQ Securities Exchange has posted a total turnover of $417.9 million in its foreign exchange spot and derivatives market segment for the week ended August 25, 2023. The figure represents a decrease of 32.61 per cent from $620.1 million reported for the…FMDQ Securities Exchange has posted a total turnover of $417.9 million in its foreign exchange spot and derivatives market segment for the week ended August 25, 2023.
The CBN expects the operators to sell at a margin of -2.5 per/+2.5 per cent of the Nigerian Foreign Exchange Market window weighted average rate of the previous day. However, there are questions about how the apex bank would source FX to finance the registered dealers, which 5,689 as at December 2021.
According to FMDQ, the week-on-week decrease in total turnover was driven by the 33.4 per cent decrease in FX Spot turnover, despite the 555.7 per cent increase in FX derivatives turnover. Furthermore, the average Nigerian Autonomous Foreign Exchange Fixing rate was $/₦772.68, compared to ₦772.14 recorded in the week ended August 18, 2023, representing a depreciation of the Naira against the dollar by 0.07 per cent .
Trading in the top three equities namely Transnational Corporation Plc, Fidelity Bank Plc and Access Holdings Plc accounted for 693.5 million shares worth N5 billion in 5,450 deals, contributing 38.2 per cent to the total equity turnover.