FMDQ OTC Records N79.61trn Turnover in 4 Months

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FMDQ OTC Securities Exchange recorded a turnover of N79.61 trillion in fixed income and currency markets between January and April.

This is contained in the company’s market turnover obtained by News Agency of Nigeria (NAN) in Lagos on Friday.

The FMDQ market turnover report showed the turnover on all products traded on the FMDQ secondary market – foreign exchange, treasury bills, bonds (Federal Government, agency, sub-national, corporate and supranational bonds), among others.

The report indicated that Treasury Bills’ (TBs) transactions accounted for N29.94 trillion of the total transactions during the period under review.

It was followed by foreign exchange which accounted for N20.06 trillion of the total value, while repurchase/buy back traded N15.01 trillion.

The report showed that foreign exchange derivatives trailed with a turnover of N10.19 trillion, while Federal Government Bonds accounted for N3.97 trillion.

NAN reports that 10 banks dominated transactions on the platform during the period under review.

The top banks were Stanbic IBTC Bank, United Bank for Africa, Ecobank Nigeria Limited, First Bank of Nigeria, Citibank, Coronation Merchant Bank, Zenith Bank and Wema Bank.

The 10 dealing banks accounted for 77.25 per cent or ₦61.50 trillion of the overall turnover in the market, with the top three accounting for 43.09 per cent or ₦34.31 trillion. (NAN)