FMDQ Securities Exchange turnover hits N16.47trn in June

FMDQ Securities Exchange recorded a turnover of N16.47 trillion in the Fixed Income and Currency (FIC) in the month of June.

This is contained in a monthly FIC report obtained by our reporter from FMDQ on Friday.

The report shows that the turnover represents an increase of 39.81 per cent in contrast with N11.78 trillion achieved in the month of May.

Breakdown of the report indicates that open market operations (OMO) and money market transactions remained the highest contributors to the FIC markets in June, accounting for 55.44 per cent of the total market turnover.

The report stated that Foreign Exchange (FX) turnover during the period stood at N3.34 trillion or 8.63 billion dollars, representing a month-on-month (MoM) increase of 13.25 per cent.

An analysis of FX market turnover indicated an increase in FX market activity by product type, with FX Derivatives accounting for 91.09 per cent ($0.92bn) of the total MoM increase in FX turnover in June.

In June, the naira depreciated against the United States dollar at the Investors’ and Exporters’ FX Window, losing $/₦0.22 to close at an average of $/₦386.39 in June 2020 from $/₦386.17 recorded in May.

Similarly, in the parallel market, the naira depreciated against the US dollar by N3.66 to close at an average of N452.38 during the period under review.

However, the value of OMO bills outstanding as at June 30 decreased MoM by 3.89 per cent (₦0.37 trillion) to ₦9.15 trillion, representing a Year-to-date decrease of 29.67 per cent (N3.86 trillion).