Market News

FMDQ Exchange recorded a robust performance in May 2025, with total secondary market turnover increasing to N61.53trn, which shows a month-on-month (MoM) increase of 34.63% (N15.83trn) and a year-on-year (YoY) growth of 47.59% (N19.84trn) compared to April 2025 and May 2024.

 Breaking down the activity, turnover in the Spot and Derivatives Markets stood at N58.68trn and N2.85trn, respectively. Notably, the Spot FX Market recorded a turnover of US$14.27bn (N22.78trn), marking a 17.64% MoM rise from April’s US$12.13bn. In the foreign exchange market, the naira appreciated against the US dollar, with the average spot exchange rate improving by 0.44% to close at US$/N1,595.74 in May, down from US$/N1,602.79 in April. The local currency traded within a range of US$/N1,579.00 to US$/N1,612.00 during the month.

Meanwhile, the FX Derivatives Market saw total turnover reach US$1.79bn (N2.85trn), reflecting a 9.95% increase from the previous month’s US$1.63bn.

This strong market performance underscores continued investor participation and confidence in Nigeria’s financial markets amid ongoing macroeconomic adjustments.