FMDQ records N15.31trn fixed income, currency turnover in June

By Kayode Tokede

FMDQ Securities Exchange Ltd. has recorded a turnover of N15.31 trillion in the Fixed Income and Currency (FIC) in the month of June.

FMDQ  in its monthly FIC report  disclosed that the turnover represented an increase of 49.51 per cent (N5.07 trillion) in contrast with N10.24 trillion achieved in May.

A breakdown of the report indicated that foreign exchange (FX) and money market transactions were the highest contributors to the FIC markets in June, accounting for 64.18 per cent of the total turnover.

The report stated that Foreign Exchange (FX) turnover during the period stood at N4.16 trillion or 10.12 billion dollars, representing a month-on-month (MoM) increase of 38.44 per cent from N3. 64 trillion or 7.31 billion dollars posted in May.

The MoM increase in total FX turnover was jointly driven by the 17.90 per cent (0.75 billion dollars) and 65.73 per cent (2.06 billion dollars) increase in FX Spot and FX Derivatives turnover respectively in June.

The MoM increase in FX Derivatives turnover was driven by MoM increase in turnover across all derivative products.

The naira depreciated against the dollar at the Investors’and Exporter’ FX Window, losing $/N0.03 to close at an average of $/N411.30 in June from $/N411.27 recorded in May.

Similarly, the Naira depreciated against the US Dollar in the parallel market, losing 2.94 per cent ($/N14.29) to close at an average of $/N500.57 in June from $/N486.28 recorded in May.