FMDQ Records N181.4trn Turnover In 8 Months
FMDQ OTC Securities Exchange recorded a turnover of N181.4tn in eight months.
Data obtained from the FMDQ on Monday showed that the exchange recorded N15.08tn turnover in January, N19.18tn in February, and N28.98tn in March.
In April, May and June, the FMDQ recorded N16.37tn, N20.49tn and N19.12tn, respectively.
In July, FMDQ recorded N16.36tn turnover, which increased to N23.21tn in August.
Turnover in the fixed income and currency market for the month ended January 31, 2019 was N15.08tn, representing a 14.85 per cent (N2.63tn) month-on-month decrease on the turnover of N17.71tn recorded in December 2018, and a 28.78 per cent (N3.37tn) year-on-year increase.
The FMDQ said the Treasury bills and foreign exchange market segments remained the major drivers of turnover in the FIC market, jointly accounting for 78.69 per cent of turnover in January and higher by 2.21 percentage points from their contribution to turnover in December.
Turnover in the FIC markets for the month ended February 28, 2019 was N19.18tn, representing a 27.19 per cent (N4.10tn) increase on the turnover recorded in January 2019 and a 52.38 per cent year-on-year increase from N12.59tn recorded in February 2018.
The Treasury bills and FX market segments remained the major drivers of turnover in the FIC markets in February, jointly accounting for 77.88 per cent of turnover, which was 0.81 percentage points lower than their contribution in January.
In March, the turnover in the FIC markets increased by 51.09 per cent month-on-month to N28.98tn, and increased by 84.47 per cent year-on-year from the N15.71tn recorded in the same period in 2018.
Turnover in April decreased by 43.51 per cent month-on-month to N16.37tn, but increased by 9.57 per cent year-on-year.
In April, the naira appreciated against the United States dollar at the Importers and Exporters FX Window by N0.05 to close at $/N360.63, while the parallel market and the Central Bank of Nigeria official spot rates remained unchanged at $/N360.00 and $/N306.95, respectively.
The FMDQ said despite the appreciation of the naira in the I&E FX window, there was a decline in FX inflows from foreign direct investment and foreign portfolio investment inflows as market activities normalised following the post-election euphoria experienced in March.