FMDQ OTC Securities Exchange Records ₦9.49tr Transactions

FMDQ OTC Securities Exchange has reported transactions worth N9.49 trillion in fixed income and currency markets for the month of May, the News Agency of Nigeria reports.

This is contained in the company’s market turnover report.

The data showed that the turnover was higher when compared with N8.79 trillion posted in April.

A breakdown of the report indicated that Treasury Bills (TBs) transactions accounted for 40.73 per cent of the total value, while turnover in FGN bonds accounted for 5.23 per cent of the total turnover.

According to the report, money market and foreign exchange market activities accounted for 29.13 per cent and 24.88 per cent of the total turnover, respectively.

The report added that the value of transactions in the foreign exchange market decreased by 15.03 per cent or 1.16 billion dollars month-on-month.

It also indicated that the supply of foreign exchange into the market by the Central Bank of Nigeria also dropped by 49.50 per cent or 1.07 billion dollars to settle at 0.985 billion dollars in the month under review.

The report showed that TBs transactions accounted for 40.73 per cent against 40.24 per cent achieved in April and FGN2 bonds recorded 5.23 per cent against 7.19 per cent in April.

It added that the apex bank also maintained its marginal rate for Secondary Market Intervention Sales (SMIS) – Wholesale Forwards intervention at N320 per dollar and N357 per dollar for small and medium enterprises and invisibles during the period.

The data showed that the CBN official spot rate remained relatively flat, gaining only 40k to close at N305.40 per dollar, while the parallel market rate gained N9 to close the month under review at N382 per dollar.

The inter-member trades stood at 0.56 billion dollars in the reviewed period – an increase of 0.51 per cent when compared with trades recorded in April and a decrease of 8.18 per cent year-on-year.

Category: