In July 2025, activity on FMDQ Exchange’s secondary market told a story of contrasts.
While turnover climbed to a record ₦46.66 trillion—marking a steep 52.3% rise from a year earlier—it slipped 3.3% from June’s level.
The report also revealed shifting tides in the FX market, where the naira strengthened modestly against the dollar even as spot turnover eased.
Specifically, turnover fell by 3.29% (₦1.59 trillion) compared with June 2025.
By contrast, it jumped 52.33% (₦16.03 trillion) when compared with July 2024.
FMDQ Secondary Market Rises
Moving deeper into the numbers, the Spot Market generated ₦44.62 trillion, while the Derivatives Market contributed ₦2.04 trillion.
Yet, the Spot FX Market showed signs of cooling.
Turnover reached $12.76 billion (₦19.53 trillion), dropping 4.15% month-on-month from June’s $13.31 billion.
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On a brighter note, the Naira strengthened against the US Dollar.
The currency appreciated by 1.24%, as the average spot exchange rate improved to ₦1,531.69 per dollar from ₦1,550.74 in June.
Furthermore, trading stayed within a narrow band of ₦1,520–₦1,537, signalling relative stability.
Derivatives Show Resilience
Meanwhile, the Derivatives Market displayed more resilience.
FX turnover increased by 3.80% month-on-month to $1.33 billion (₦2.04 trillion).
This rise suggested that investors kept engaging with derivatives even as spot activity dipped.
Overall, FMDQ’s July report highlighted a market in motion — one balancing short-term fluctuations with robust year-on-year growth.
