FMDQ securities recorded N20. 99trn transactions in two months – report

The FMDQ OTC Securities Exchange recorded N22. 99 trillion worth of transactions in fixed income and currency markets in the first two months of 2017.

Market Turnover Report from the company obtained by our reporter in Lagos on Monday indicated that the value was against N13.92 trillion recorded in the corresponding period in 2016.

A breakdown of the new report showed that transactions in Treasury Bills (TBs) contributed the highest of N11.60 trillion to the turnover.

It was trailed by repurchase agreements/buy-backs which accounted for N5.22 trillion worth of transactions, while foreign exchange derivatives had N2.43 trillion worth.

The Federal Government bonds had N2.35 trillion worth, while foreign exchange recorded N1.19 trillion worth.

It was also reported that 10 leading member banks dominated activities in the FMDQ market during the period with Ecobank Nigeria leading the pack.

Access Bank came second on the activity chart and was followed by UBA, Stanbic IBTC, First Bank, FBN Merchant Bank and Standard Chartered Bank.

Others are Union Bank, Diamond Bank and Guaranty Trust Bank, respectively.

The report said that the top 10 dealing member banks accounted for 70.97 per cent of the transactions amounting to 16.31 trillion of the overall turnover.

Ecobank Nigeria, Access Bank and UBA maintained their positions for the second month running as leaders in OTC market, ranking first, second and third, respectively.