FMDQ OTC Securities Exchange Posts N6.57trn Transactions | Independent Newspapers Limited
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Business, Money Market

FMDQ OTC Securities Exchange Posts N6.57trn Transactions

Posted: Mar 16, 2016 at 1:42 am   /   by   /   comments (0)

The FMDQ OTC Securities Exchange posted N6.57 trillion worth of transactions in fixed income and currency markets in February, down from N7.35 trillion achieved in January.

This is contained in the firm’s monthly data obtained by newsmen on Tuesday in Lagos.

The figure recorded in February, represented a decline of 10.61 percent when compared with that of January.

A breakdown of the report showed that foreign exchange transactions accounted for 23.89 percent down by 4.32 percent from the value recorded in January.

Further breakdown indicated that Treasury bills (T. bills) transactions contributed 35.67 percent to the total value, representing a growth of 7.51 percent from the 28.16 percent in January.

Secured market transactions accounted for 25.54 percent of total turnover, while Federal Government of Nigeria bonds’ contribution remained at 12.42 percent.

Activities in unsecured placements/takings accounted for 2.15 percent of total turnover.

The report stated that the Central Bank of Nigeria’s (CBN) exchange rate remained flat at ?196 per dollar during the period under review.

It stated that the inter-bank exchange rate appreciated by 0.32 percent to trade at an average rate of ?198.26 against the dollar.

The reports also noted that rates in the parallel market peaked at ?390 per dollar with an average value of ?326.19 per dollar for the month.

Turnover in the fixed income market dropped by N71.30 billion to settle at N3.16 trillion.

The report stated that there was increase in the T.bills market as turnover rose to N273.33 billion.

FMDQ, a securities exchange and self-regulatory organisation, is registered by the Securities and Exchange Commission (SEC) to provide a platform for listing, quoting and trading of fixed income and currency products.