By Bamidele Famoofo
In four months (January-April), the FMDQ OTC Securities Exchange market recorded N54.87trillion (about $165.64billion) worth of transactions .
Average daily turnover recorded during the 82 trading days between January and April, 2018 stood at N669.14billion (about $2.02billion).
Investment in Treasury Bills (Tbills) was the biggest contributor to turnover, accounting for 41.22 percent while dealings in the Foreign Exchange (FX) segment of the market contributed 36.70 percent to aggregate turnover in the review period.
Investors splashed N22.61 trillion on T-bills representing average of 5.7 trillion per months while FX recorded N13.41 trillion, averaging about N3.35trillion monthly.
FX market transactions (Spot FX and FX Derivatives) accounted for 36.70 percent, whilst Repurchase Agreements (Repos)/Buy-Backs transactions accounted for 14.79 percent, with Bonds and Unsecured Placements & Takings representing 6.55 percent and 0.75 percent respectively, of overall market turnover.
The top ten (10) DMBs accounted for 70.77 percent (N38.83 trillion) of the overall turnover in the market, with the top three (3) accounting for 58.64 percent (N32.18 trillion) of this sub-section of the market.
Stanbic IBTC Bank PLC, Access Bank PLC and United Bank for Africa PLC were the leaders in the value traded for the overall over-the-counter (OTC) market, ranking 1st, 2nd and 3rd respectively.