FMDQ OTC Securities Exchange records N10.85t transactions in September

The FMDQ OTC Securities Exchange has recorded transactions worth N10.85 trillion in September in fixed income and currency markets, the News Agency of Nigeria reports.
NAN reports that the turnover represents a growth of N1.10 trillion or 11.28 per cent when compared with N9.75 trillion recorded in August.
A breakdown of the report from the company, obtained by NAN, indicated that foreign exchange transactions accounted for 25.74 per cent of the turnover against 23.29 per cent achieved in August.
According to the report, the figure represents a year-on-year decline of 5.45 per cent or N0.63 trillion.
The Federal Government bonds and unsecured placements/takings account for 7.16 per cent, against 2.92 per cent achieved in August.
It stated that Treasury Bills transactions accounted for 36.85 per cent of the total turnover, in contrast with 33.02 per cent posted in August.
NAN reports that secured money market accounts for 28.24 per cent as against 31 per cent achieved in the corresponding month.
It added that transactions in the foreign exchange market settled at 7.19 billion dollars in September, an increase of 33.10 per cent or ($1.79 billion) compared with the value recorded in August.
The report stated that the third Naira-settled OTC FX Futures contract, NGUS SEP 28 2016, with a total outstanding amount of $179.93 million, priced at N296 per dollar, matured and was settled within the month.
It explained that the Central Bank of Nigeria revised all the rates on all outstanding OTC FX Futures contracts, whilst a new 12-month contract – NGUS SEP 20 2017, was introduced at N243.50 per dollar.
The report indicated that member-to-member trades stand at $1.05 billion in September, representing an increase of 97.15 per cent, compared with trades recorded in August.
It stated that the Naira, during the period under review, appreciated by 1.46 per cent to close at N311.62 per dollar in the inter-bank market, while it depreciated by 13.10 per cent to close at N475 per dollar in the parallel market.