By Chioma Obinagwam
Trading activity on the FMDQ Exchange slowed in September 2025, with total secondary market turnover declining 22.43 percent month-on-month (MoM) to ₦49.57 trillion from ₦63.90 trillion in August 2025, a drop of ₦14.33 trillion.
Confiance News gathered from FMDQ markets monthly report.
Despite the monthly contraction, turnover rose 37.70percent year-on-year (YoY), or ₦13.57 trillion, compared to September 2024.
The Spot and Derivatives Markets contributed ₦46.85 trillion and ₦2.71 trillion, respectively, to the month’s total.
In the Spot FX Market, turnover increased 8.45 percent MoM to $14.68 billion (₦22.04 trillion) from $13.54 billion in August 2025, adding $1.14 billion. The Nigerian Naira strengthened against the US Dollar, with the average spot exchange rate falling 2.46 percent (₦36.80) to ₦1,498.38 from ₦1,535.18 in August. The rate traded within a band of ₦1,478.00 to ₦1,527.90.
Derivatives Market activity in the FX segment eased, with turnover down 4.78 percent MoM to $1.81 billion (₦2.71 trillion) from $1.90 billion in August 2025, a reduction of $0.09 billion.
FMDQ’s latest figures reflect a mixed performance amid shifting currency dynamics and reduced overall volumes in Nigeria’s financial markets.
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