FMDQ OTC Posts ₦13.42tn Turnover

• FMDQ OTC Posts ₦13.42tn Turnover

FMDQ OTC Securities Exchange recorded ₦13.42tn worth of transactions in fixed income and currency markets in March.

This is contained in the company’s market report on Monday in Lagos.

The report showed that the turnover was 10.45 percent or ₦1.27tn, higher than the ₦12.15tn recorded in February.

According to the report, transactions in Treasury Bills accounted for 49.51 percent of the total value against 52.20 percent achieved in February.

FGN bonds got 8.01 percent of total turnover compared to the 9.01 percent recorded in February.

The report also indicated that money and foreign exchange markets accounted for 19.42 percent and 22.91 percent, respectively, during the period under review.

Transactions in fixed income market stood at ₦7.72tn, indicating a growth of 3.70 percent or (₦0.29tn) above the value recorded in the previous month.

Activities in the Foreign Exchange market accounted for 22.91per cent in contrast to the 16.47 percent recorded in February.

Money market transactions (Repurchase Agreements (Repos) / Buy-Backs & Unsecured Placements/Takings) accounted for 19.42 percent of the total turnover from 22.19 percent in February.

Transactions in the FX market settled at $9.72 bn in March, an increase of 50.59 percent or $3.27bn when compared with $6.46bnrecorded in February.

According to the company, the increase was largely due to increased supply of FX into the market by the Central Bank of Nigeria.

It reported that that apex bank sold $1.24bn through various interventions conducted during the month.

The apex bank also moved its marginal rate for the Secondary Market Intervention Sales (SMIS) – Wholesale Forwards to N320 per a dollar from N315 per dollar.

The rate for invisibles (Personal & Business Travel Allowances, Medical bills, school fees, among others) was moved from N370 per a dollar to ₦357 per a dollar.

The report showed that the naira remained relatively flat to during the month at ₦306.35 to the dollar at the inter-bank market.

The naira appreciated by N65 to close at ₦390 to the dollar at the parallel market from ₦455.00 at the beginning of the month.