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FMDQ Securities Exchange records N7.43trn transactions in May

 

The FMDQ OTC Securities Exchange says it posted transactions valued at N7.43 trillion in fixed income and currency markets (FIC) in May.The transactions are contained in the company’s monthly report made available to tnewsmen in Lagos on Tuesday. The report showed that the transactions were lower by 21.22 per cent or N2 trillion when compared with the N9.43 trillion transactions in April. The decline represented 36.55 per cent or N4.28 trillion. A further breakdown showed that foreign exchange (FX) market accounted for 13.30 per cent of the total value against 16.69 posted in April.

The report indicated that Treasury Bills (T.bills) transactions continued its dominance, accounting for 43.80 per cent of the total market in contrast to 81.72 per cent posted in April. The Secured Money Market (Repurchase Agreements (Repos)/Buy-Backs) accounted for 31.16 per cent during the period under review from the 30.47 per cent in April. The report said that Unsecured Placements/Takingscontributed 2.41 per cent to the total turnover as against 1.39 per cent in the previous month. Transactions in the FX market stood at 4.09 billion dollars, indicating a drop of 32.96 per cent against 6.10 billion dollars recorded in April. The report also said that on a year on year basis, FX turnover declined by 65 per cent.

It added that member-member trades recorded 0.62 billion dollars in turnover for May, compared with 0.71 billion dollars recorded in April, indicating a decrease of 12.89 per cent. Also, turnover in member-client trades stood at 3.47 billion dollars, a decline of 35.59 per cent when compared with 5.39 billion dollars in the previous month. The report also stated that the exchange rate at the Central Bank of Nigeria (CBN) window remained flat at ₦196 per to a dollar. It explained that the naira opened the month at ₦197.33 against the dollar at the inter-bank market and closed at ₦198.84 against the dollar, translating to a depreciation of 0.76 per cent. The report indicated that rates in the parallel market averaged ₦334.07 per dollar during the period under review.

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