FX, Cash Market dominate as FMDQ secondary market turnover hits N58.20trn

Overseas Alternate (FX) and Cash Market (MM) transactions dominated secondary market exercise, collectively accounting for 70.35 % of the overall secondary market turnover in March 2025.

Based on FMDQ Securities Alternate in its monetary markets month-to-month report for March, the overall secondary market turnover recorded on FMDQ Alternate in March 2025 was N58.20trillion.

The document secondary market turnover in March represents month-on-month (MoM) lower of two.71 % (N1.62trillion) and a year-on-year (YoY) enhance of 19.11 % (N9.34trillion) from February 2025 and March 2024 figures, respectively.

Whole spot market turnover for all merchandise traded within the secondary market recorded on FMDQ Alternate in March 2025 was N53.80trillion, representing a MoM lower of 6.27percent (N3.60trillion) from February 2025 figures.

The MoM lower in whole spot market turnover was pushed by the lower in Mounted Revenue (FI) and Cash Market turnover by 6.54 % (N1.21trillion) and 22 % (N4.12trillion) respectively, offsetting the 8.59 % (N1.73trillion) enhance in FX market turnover.

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The lower in MM turnover was solely pushed by the MoM lower within the Repos/Purchase-backs product class. Equally, the lower in FI turnover was pushed by the MoM lower throughout all product classes besides T.Payments and Different Bonds, whereas CBN Particular Payments remained inactive through the overview interval.

Spot FX market turnover recorded on FMDQ Alternate was $14.30billion (N21.93trillion) in March 2025, representing a 6.47 % ($0.87billion) MoM enhance from the turnover recorded in February 2025 ($13.43billion).

Within the FX Market, the Naira depreciated in opposition to the US Greenback, with the spot trade fee ($/N) growing by 1.92 % ($/N28.82) to shut at a median of $/N1,533 recorded in March 2025 from$/N1,504.18 recorded in February 2025.

Additional, trade fee volatility elevated in March 2025, with the Naira buying and selling inside an trade fee vary of $/N1,499–$/N1,549 in comparison with $/N1,495–$/N1,515 recorded in February 2025.

Mounted Revenue market turnover in March 2025 was N17.26trillion, representing a MoM lower of 6.54 % (N1.21trillion) from the turnover recorded in February 2025 (N18.47trillion). The MoM lower in turnover was pushed by the lower in CBN Payments, OMO Payments, and FGN Bonds transactions through the overview interval, the report said.