FMDQ records 32.98% turnover increase in June to N12.62 tr

….As T-Bills lifted transactions by 43.22%
The Nigerian Debt Capital Market (DCM) in the month of June recorded a significant increase in June 2017, as the FMDQ OTC market recorded a turnover of N12.62 trillion, reflecting g a 32.98 per cent increase.

In June, liquidity flows via the Investments and Export (i&E) foreign exchange (FX) Window continued to improve as total volumes traded for the month settled at $1.81billion. This reflected an increase of 37.73 per cent or $0.49billion from the volume recorded in May. So far, the total volumes traded in the Window since its inception stands at $3.74b as the reporting date.

Meanwhile, statement of transaction in the OTC market in the month of June recently released by the FMDQ, showed that turnover recorded in the OTC market for the month of June 2017 amounted to ₦12.62tr

The June turnover showed that value of transactions for the months increased by ₦3.13tr or 32.98 per cent, from N9.50 trillion recorded in May 2017. Out of the volume, transactions in Treasury bills accounted for 43.22 per cent of total turnover while FGN bonds accounted for 6.22 per cent.

In the same period, Money Market and Foreign Exchange market activities accounted for 28.91% and 21.60% of the total turnover respectively.

The value of transactions in the FX Market increased by 29.87% ($1.96bn) month-on-month, as the supply of FX into the market by the Central Bank of Nigeria also increased by 50.15% ($0.49bn) to settle at $1.476bn in the month under review.

The twelfth Naira-settled OTC FX Futures contract NGUS JUN 21 2017, with a total open contract worth $657.67m, matured and settled within the reporting month. This also marked the first time the settlement amount was paid in favor of the contract seller, the Central Bank of Nigeria, as the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) on the settlement date closed lower the contract rate.