Turnover in the fixed income and currency (FIC) markets for the month ended June 30, 2019 grossed N19.12 trillion, data from the Financial Market Dealers Quote (FMDQ) has shown.
The turnover at the fixed income and currency markets represents a 6.70 percent or N1.37 trillion month-on-month (m-o-m) decrease on the turnover recorded in May 2019 which stood at 20.49 trillion. It was, however, a 10.93 percent or N1.88 trillion year-on-year (y-o-y) increase from N17.23 trillion recorded in June 2018.
A breakdown of the figure shows that the treasury bills (T-bills) and foreign exchange (FX) segments remained the major contributor to turnover in the OTC market.
T-bills and FX jointly accounted for 70.72 percent of the total turnover in the FIC market in June 2019, representing a marginal increase of 1.75 percentage points from 68.97 percent recorded in May.
Total FX market turnover in June 2019 was $16.78 billion (N6.05trillion at exchange rate of N360.74 to one dollar). The turnover represents a 10.16 percent or ($1.90 billion) m-o-m decrease.
So far, the total value of OTC FX futures contracts offered and settled on the FMDQ since the introduction of the product to review period is $16.74 billion, with a total of $25.86 billion in open contracts
As at June 2019, the Central Bank of Nigeria official spot rates and the average exchange rate of the naira against the dollar at the I &E FX window appreciated from the rates recorded in May 2019 by $/N0.05 and $/N0.09 close at $/N306.90 and $/N360.64 respectively, while the average parallel market rate remained constant at $/N361.00.