THE FMDQ OTC Securities Exchange has recorded a total turnover of N179 trillion from January to September.
According to data from the exchange, turnover in the fixed income and currency market in January 31, 2019, was N15.08 trillion, representing a 14.85 per cent (N2.63 trillion) month-on-month decrease on the turnover of N17.71 trillion recorded in December 2018, and a 28.78 per cent (N3.37 trillion) year-on-year increase.
It was also revealed that the treasury bills and foreign exchange market segments remained the major drivers of turnover in the FIC market, jointly accounting for 78.69 per cent of turnover in January and higher by 2.21 per cent points from their contribution to turnover in December.
Turnover in the FIC markets for the month ended February 28, 2019, was N19.18 trillion, representing a 27.19 per cent (N4.10 trillion) increase on the turnover recorded in January 2019 and a 52.38 per cent year-on-year increase from N12.59 trillion recorded in February 2018.
Treasury bills and FX market segments remained the major drivers of turnover in the FIC markets in February, jointly accounting for 77.88 per cent of turnover, which was 0.81 per cent points lower than their contribution in January.
In March, the turnover in the FIC markets increased by 51.09 per cent month-on-month to N28.98 trillion and increased by 84.47 per cent year-on-year from the N15.71 trillion recorded in the same period in 2018.
Turnover in April decreased by 43.51 per cent month-on-month to N16.37 trillion but increased by 9.57 per cent year-on-year.
In April, the naira appreciated against the United States dollar at the Importers and Exporters FX Window by N0.05 to close at $/N360.63 while the parallel market and the Central Bank of Nigeria official spot rates remained unchanged at $/N360.00 and $/N306.95, respectively.
Also in May, the turnover increased by 25.17 per cent month-on-month to N20.49 trillion but decreased by 6.69 per cent to N19.12 trillion in June.
While the turnover declined further to N16.36 trillion as the Exchange saw 20 trading days and an average daily turnover of N817,775, in August, it recorded a turnover of N23.21 trillion in 23 trading days and an average daily turnover of N1.01 million.
Hiwever, the turnover declined to N19.21 trillion at the end of September.
FMDQ is Africa’s first vertically integrated Financial Market Infrastructure (FMI) group, strategically positioned to provide seamless execution, clearing and settlement of financial market transactions across the debt capital, foreign exchange and derivatives markets.