FMDQ OTC Securities Exchange Records N10.85trn Transactions In Sept

The FMDQ OTC Securities
Exchange recorded transactions worth N10.85 trillion in September in fixed income and currency markets, The Tide source reports.
The source reports that the turnover representes a growth of N1.10 trillion or 11.28 per cent when compared with N9.75 trillion recorded in August.
A breakdown of the report from the company, obtained by our source, indicated that foreign exchange transactions accounted for 25.74 per cent of the turnover against 23.29 per cent achieved in August.
According to the report, the figure represents a year-on-year decline of 5.45 per cent or ¦ 0.63 trillion.
The Federal Government bonds and unsecured placements/takings account for 7.16 per cent, against 2.92 per cent achieved in August.
It stated that Treasury Bills transactions accounted for 36.85 per cent of the total turnover, in contrast with 33.02 per cent posted in August.
Secured money market accounts for 28.24 per cent as against 31 per cent achieved in the corresponding month.
It added that transactions in the foreign exchange market settled at 7.19 billion dollars in September, an increase
of 33.10 per cent or (1.79 billion dollars) compared with the value recorded in August.
The report stated that the third Naira-settled OTC FX Futures contract, NGUS SEP 28 2016, with a total outstanding amount of 179.93 million dollars, priced at ¦ 296 per dollar, matured and was settled within the month.
It explained that the Central Bank of Nigeria (CBN) revised all the rates on all outstanding OTC FX Futures contracts, whilst a new 12-month contract – NGUS SEP 20 2017, was introduced at ¦ 243.50 per dollar.
The report indicates that member-to-member trades stands at 1.05 billion dollars in the September, representing an increase of 97.15 per cent, compared with trades recorded in August.