FMDQ Post N18.72tn Turnover In July

Turnover in the Fixed Income and Currency (FIC) markets for the month ended July 30, 2020 was N18.72 trillion, indicating a month-on-month (MoM) increase of 13.66 per cent (N2.25 trillion) from the turnover recorded in June 2020 (16.47 trillion).

This represents a year-onyear (YoY) decrease of 14.43 per cent (N2.36 trillion) from the turnover recorded in July 2019 (N16.36 trillion). As at July 29, 2020, YTD turnover was N136.00 trillion, representing a YoY increase of 0.30 per cent (N0.41 trillion) on the YTD turnover of N135.58 trillion recorded in July 2019.

OMO bills and money market transactions (Repurchase Agreements [Repos] & Unsecured Placements/Takings) remained the highest contributors to the FIC markets in July 2020, jointly accounting for 60.16per cent of the total FIC market turnover.

Total FX market turnover in July 2020 was $10.82 billion (N4.20 trillion), representing a MoM increase of 25.38 per cent ($2.19 billion) from the turnover recorded in June 2020 $8.63 billion (N3.34 trillion).

Analysis of FX market turnover indicates that FX Derivatives accounted for 70.32 per cent ($1.54 billion) of the total MoM increase in FX market turnover in July 2020.

In the OTC FX Futures market, the near month contract5 (NGUS JUL 29 2020) with a total outstanding notional value of $1.37 billion matured and was settled, whilst a new    long-term (60-month) contract, NGUS JUL 30 2025 was introduced at a rate of $/N581.52.