Turnover in Fixed Income, Currency Markets Hits N14.3trn in May


By Bamidele Famoofo

Transaction turnover in the Fixed Income and Currency (FIC) markets for the month of May amounted to N14.30trillion, a 4.30 percent (N0.64trn) decrease from the value recorded in April and a 50.60 percent (N4.80trn) increase Year on Year.

Activities in the Treasury bills’ market accounted for 39.49 percent (45.85% in April) of total turnover, while the Foreign Exchange (FX) market accounted for 36.42 percent (36.60% in April) of the total turnover.

In the same period, the Money Market (Repurchase Agreements (Repos)/Buy-Backs & Unsecured Placements/Takings) accounted for 17.55 percent of market turnover (11.17% in April). These three segments collectively contributed circa 93.47 percent to the total turnover in the FIC markets.

The value of transactions in the FX Market settled at $14.77billion in May, a decrease of 10.31 percent ($1.70bn) when compared with the value recorded in April ($16.47bn). Liquidity flows via the I&E FX Window increased as the total volumes traded for the month settled at $6.40billion, representing a 34.91 percent ($1.65bn) increase from the previous month ($4.74bn).

So far, the total volumes traded at the Window Year-to-Date stands at $26.35billion. Exchange rates for the Naira depreciated at the Investors’ & Exporters’ (I&E) FX Window as rates closed the reporting month at $/N360.97 from $/N360.51 as at April 30, 2018, whilst also trading at a discount to the Parallel Market as rates closed the reporting month at $/N363.00 from $/N362.00 as at April 30, 2018.