FMDQ’s turnover increases to N24.03trn in September

FMDQ building

FMDQ Securities Exchange Ltd. has recorded a turnover of N24.03 trillion in the Fixed Income and Currency (FIC) markets in the month of September.

This was stated in a monthly FIC report obtained by the News Agency of Nigeria (NAN) from FMDQ on Friday.

The report showed that the turnover represented an increase of 94.89 percent (N11.70 trillion) in contrast with N12.33 trillion recorded in August.

A breakdown of the report indicated that foreign exchange (FX) and money market transactions remained the highest drivers of the FIC markets in September, accounting for 54.22 per cent of the turnover.

The report showed that the turnover of Foreign Exchange (FX) during the period stood at N7.05 trillion or 17.08 billion dollars, representing a month-on-month (MoM) increase of 87.08 per cent from 7.95 billion dollars posted in August.

The MoM increase in total FX market turnover was jointly driven by the 68.61 per cent (3.33bn dollars) and 108.02 per cent (4.62bn dollars) MoM increase in FX Spot and FX Derivatives turnover respectively in September.

NAN reports that Open Market Operations and CBN Special Bills’ contribution to FIC’s turnover increased by 12.52 points to 23.96 per cent.

Also, the MoM increase in FX Derivatives turnover was driven by MoM increase in turnover across all product types; FX Swaps (34.32 per cent ), FX Forwards (54.75 per cent), FX Futures (840.07 per cent) and Other Derivatives (128.88 per cent).

Consequently, the contribution of FX Derivatives to total FX market turnover increased by 5.25ppts to 52.12 per cent in September.

NAN reports that at the FX Market, the naira depreciated against the dollar, losing 0.31 per cent or N1.26) to close at an average of dollar/N412.75 in September from dollar/N411.49 recorded in August.

Also, the naira traded within a range of dollar/N410.67 – dollar/N414.90 in September compared to dollar/N410.80 – dollar/N412.00 recorded in August. (NAN)

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