The FMDQ OTC Securities Exchange recorded 36.13 per cent growth in fixed income and currency markets transactions in July.
The company posted transactions worth ₦12.74 trillion in July compared with ₦9.36 trillion recorded in the preceding month, indicating a growth of 30.60 per cent or ₦3.38 trillion.
A breakdown of the report indicated that foreign exchange transactions accounted for 27.52 per cent of the turnover against the 26.07 per cent achieved in June, a growth of 1.45 per cent.
Transactions in treasury bills contributed 33.62 per cent of the total turnover in contrast with 38.14 per cent recorded in June.
The report showed that FGN2 bonds and unsecured placements/takings accounted for 3.79 per cent against 4.85 per cent recorded in the previous month.
Member-Member trades stood at $1.8 billion in July against $0.9 billion achieved in the comparative month, accounting for 18.97 per cent of turnover in the FX market.
Secured money market (repurchase agreements (Repos/Buy-Backs) stood at 31.02 per cent in contrast with 26.50 per cent posted in June.
The report stated that the first Naira-settled OTC FX Futures contract – NGUS JUL 27 2016 priced at ₦279 per dollar matured during the review period with a total settlement amount of ₦962.23 million paid to counter parties.
The report also noted that transactions in the FX market amounted to $9.46 billion in the review period in July, against $7.51 billion in the previous month, an increase of 25.97 per cent or $1.95 billion.
FMDQ, a securities exchange and self-regulatory organisation registered by the Securities and Exchange Commission, has promised to lead innovation and development in the Nigerian Debt Capital Market space.
It provides a platform for listing, quoting and trading of fixed income and currency products.
Source:© Copyright Punch Online
Leave a Reply