Connect with us

Finance

FMDQ Records N130.17t Turnover in 11 Months

Published

on

FMDQ
  • FMDQ Records N130.17t Turnover in 11 Months

FMDQ OTC Securities Ex change recorded a turnover of N130.17 trillion in the first 11 months of 2017, according to provisional data provided by the over-the-counter platform for debt securities.

The turnover included all products traded on the FMDQ secondary market including foreign exchange, treasury bills, sovereign bonds, other bonds issued by agency, sub-national, corporate and supranational institutions, Eurobonds and money market instruments such as repos and buy-backs and unsecured placements and takings. The turnover excluded primary market auctions in treasury bill and bonds.

The data, collated from the weekly trade data submissions by FMDQ dealing-member banks, represented trades executed amongst the dealing-member banks, dealing-member banks clients and dealing-member banks and Central Bank of Nigeria (CBN).

With average exchange rate of N317.24 per Dollar, the 11-month turnover stood at $410.32 billion. Average daily turnover stood at N565.96 billion or $1.78 billion during the 230-day trading session.

A breakdown of the turnover showed that treasury bills accounted for the largest turnover of N56.14 trillion. Repurchase agreements and buy-backs followed with the second largest turnover with N29.16 trillion.

Others included foreign exchange N18.70 trillion, foreign exchange derivatives, N15.51 trillion; sovereign bonds, N9.04 trillion; other bonds N27.85 billion; Eurobonds N82.14 billion; unsecured placements and takings N1.49 trillion and money market derivatives, which recorded a turnover of N22.9 billion.

Also, 2017 saw a steady flow of transactions and activities in the Naira-settled OTC foreign exchange (FX) futures market. The market, which was borne out of the desire to address the need for risk management in the Nigerian FX market has continued to show appreciable potential as an effective hedging product for investors, businesses and government institutions alike.

By December 7, 2017, $10.38 billion worth of OTC FX Futures contracts have traded so far with the CBN remaining steadfast in its commitment to ensuring the success of the market. As it has been the norm for 17 maturities on FMDQ, the 18th OTC FX Futures contract matured and settled successfully on December 27, 2017.

Having ceased trading on December 20, 2017, in line with the OTC FX Futures market operational standards, the 18th OTC FX Futures contract, NGUS DEC 27 2017, with notional amount $499.20 million, matured and settled on FMDQ. This brings the total value of contracts so far matured on FMDQ to $7.35 billion.

A new contract, NGUS DEC 26 2018, for $1.00 billion at $/N362.84 has been introduced by the CBN to replace the matured contract.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

FirstBank Boosts Cross Border Payment With FirstGlobal Transfer

Published

on

FirstBank Boosts Cross Border Payment With FirstGlobal Transfer

First Bank of Nigeria Limited has announced the launch of First Global Transfer (FGT) to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa.

The bank, in a statement, said: “First Global Transfer (FGT) initiative is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa.

“The FGT is not restricted to FirstBank and FBNBank customers alone but it is also open to every individual resident in the country the funds’ transfer is originating from.

“Intending users of the initiative are to visit any of the bank’s branches in Nigeria or subsidiaries in Africa, which are: FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, or FBNBank Senegal to enjoy the service.

“For example, with First Global Transfer, individuals and customers in Sierra-Leone can walk into any FBNBank branch to send money to FirstBank customers in Nigeria as well as FBNBank customers in Gambia, Ghana, DR Congo, Senegal or Guinea.”

Speaking on the initiative, Dr. Adesola Adeduntan, Chief Executive Officer, FirstBank said, “today’s customer is influenced by the technological advancement shaping businesses across various industries and our First Global Transfer (FGT) initiative is one of those advancement created to impact every individual in our host community in Africa, whilst promoting the ease and swift transfer of money from one country to another for business or personal activities.”

Continue Reading

Finance

Ecobank To Pay Customers N5 For Every Dollar Received

Published

on

ecobank

Ecobank To Pay Customers N5 For Every Dollar Received

Ecobank has implemented the CBN scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter. Korede Demola-Adeniyi; Head, of Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country.

She noted that the “CBN Naira 4 dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, but they will also get extra Naira”, she stated.

Only recently, Ecobank had a first-of-its-kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth.

“Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.

Continue Reading

Banking Sector

Peter Obaseki Retires as Chief Operating Officer of FCMB Group Plc

Published

on

FCMB

The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

Continue Reading

Trending