FX market turnover jumps 22% as spot and derivatives trading rebound
By Aboki Forex —
Activity in Nigeria's foreign exchange market surged in the final week of June. Total turnover rose by more than 22 percent.
According to FMDQ Securities Exchange, combined turnover in the FX Spot and Derivatives markets hit $2.835 billion. That is an increase of $512.37 million from the $2.323 billion recorded the previous week.
The rally was driven by both segments. Spot transactions grew by 21.18 percent or $484.47 million to reach $2.771 billion. Derivatives saw a sharper jump of 77.20 percent or $27.90 million to settle at $64.04 million.
FMDQ said the derivatives growth came entirely from FX Forwards. Exchange-Traded FX Futures remained flat at zero.
Daily average turnover for the week stood at $567.09 million. This reflects ongoing efforts by financial regulators to improve liquidity and transparency in the Nigerian Autonomous Foreign Exchange Market.